https://www.taxtmi.com/caselaws?id=71682 The penalty imposed under section 271D of the Income-tax Act was partially upheld in this case. The penalty was reduced from Rs. 5,44,150 to Rs. 1,00,000 for accepting loans in cash, with the penalty being deleted for amounts taken from the minor son, minor daughter, and wife. The Tribunal concluded that certain transactions involving loans from close relatives warranted the penalty, while loans from immediate family members did not. The appeal of the revenue was partly accepted, resulting in a mixed outcome for the parties involved. en-us Fri, 07 Mar 2003 00:00:00 +0530 Thu, 20 Jul 2017 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71682 The penalty imposed under section 271D of the Income-tax Act was partially upheld in this case. The penalty was reduced from Rs. 5,44,150 to Rs. 1,00,000 for accepting loans in cash, with the penalty being deleted for amounts taken from the minor son, minor daughter, and wife. The Tribunal concluded that certain transactions involving loans from close relatives warranted the penalty, while loans from immediate family members did not. The appeal of the revenue was partly accepted, resulting in a mixed outcome for the parties involved. Case-Laws Income Tax Fri, 07 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71682