PCIT v. Tehal Singh Khara and Sons ( 2018) 400 ITR 243 ( P&H ) (HC)

S. 269SS : Acceptance of loans and deposits – Otherwise than by account payee cheque or account payee bank draft -Depositors were agriculturists and transactions were genuine – Penalty cannot be imposed [S.271D ]

Dismissing the appeal of the revenue the court held that ; Depositors were agriculturists and transactions were genuine hence cancellation of penalty was held to be justified .(AY. 2007 -08)