https://www.taxtmi.com/caselaws?id=209914 The High Court Bombay upheld the ITAT decision to delete the penalty under Section 271D of the Income Tax Act, 1961. The assessee, who obtained a loan from close relatives for purchasing a house, successfully argued that it was sourced from agricultural income. Consequently, the penalty was waived, and the appeal was dismissed without costs. en-us Wed, 27 Jul 2011 00:00:00 +0530 Mon, 08 Jul 2013 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209914 The High Court Bombay upheld the ITAT decision to delete the penalty under Section 271D of the Income Tax Act, 1961. The assessee, who obtained a loan from close relatives for purchasing a house, successfully argued that it was sourced from agricultural income. Consequently, the penalty was waived, and the appeal was dismissed without costs. Case-Laws Income Tax Wed, 27 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209914