https://www.taxtmi.com/caselaws?id=61560 The Tribunal allowed the appeal of the assessee, canceling the penalty imposed under Section 271D. It was concluded that penalties should not be imposed for technical breaches when the transaction's genuineness is accepted, citing precedents such as Hindustan Steel Ltd. vs. State of Orissa. The Tribunal considered the joint bank account with the son, the separate assessment of income, and the lack of evidence proving the Rs. 1 lakh as a loan. The delay in filing the appeal was condoned due to medical reasons, and the KVSS certificate was not discussed as the penalty issue was resolved in favor of the assessee. en-us Mon, 30 Apr 2001 00:00:00 +0530 Thu, 13 Jan 2011 12:52:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61560 The Tribunal allowed the appeal of the assessee, canceling the penalty imposed under Section 271D. It was concluded that penalties should not be imposed for technical breaches when the transaction's genuineness is accepted, citing precedents such as Hindustan Steel Ltd. vs. State of Orissa. The Tribunal considered the joint bank account with the son, the separate assessment of income, and the lack of evidence proving the Rs. 1 lakh as a loan. The delay in filing the appeal was condoned due to medical reasons, and the KVSS certificate was not discussed as the penalty issue was resolved in favor of the assessee. Case-Laws Income Tax Mon, 30 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61560