https://www.taxtmi.com/caselaws?id=65575 The Tribunal allowed the appeals, canceling the penalties under section 271D of the Income-tax Act, 1961. It found that the second proviso to section 269SS applied, as neither the assessees nor their grandfather had taxable income on the loan date. The penalty order was deemed time-barred, exceeding the limitation period set by section 275(1)(c). Additionally, the Tribunal accepted the assessees' urgent need for funds as a reasonable cause under section 273B, considering the transactions as family financial assistance and a technical breach. en-us Fri, 25 Apr 2008 00:00:00 +0530 Sat, 16 Dec 2023 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65575 The Tribunal allowed the appeals, canceling the penalties under section 271D of the Income-tax Act, 1961. It found that the second proviso to section 269SS applied, as neither the assessees nor their grandfather had taxable income on the loan date. The penalty order was deemed time-barred, exceeding the limitation period set by section 275(1)(c). Additionally, the Tribunal accepted the assessees' urgent need for funds as a reasonable cause under section 273B, considering the transactions as family financial assistance and a technical breach. Case-Laws Income Tax Fri, 25 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65575