https://www.taxtmi.com/caselaws?id=66870 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271D of the Income-tax Act. The Tribunal found that the cash received from the father for purchasing a vehicle was not a loan or deposit, as there was no obligation to return it. The assessee demonstrated a reasonable cause for receiving cash, citing urgency to avail a concession at the Gwalior Fair. Consequently, the penalty was revoked, and the appeal was allowed. en-us Mon, 28 Nov 1994 00:00:00 +0530 Mon, 07 Mar 2011 17:56:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66870 The Tribunal ruled in favor of the assessee, canceling the penalty imposed under section 271D of the Income-tax Act. The Tribunal found that the cash received from the father for purchasing a vehicle was not a loan or deposit, as there was no obligation to return it. The assessee demonstrated a reasonable cause for receiving cash, citing urgency to avail a concession at the Gwalior Fair. Consequently, the penalty was revoked, and the appeal was allowed. Case-Laws Income Tax Mon, 28 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66870