https://www.taxtmi.com/caselaws?id=220806 The Court upheld the Tribunal's decision, dismissing the appeal against the penalty imposed under Section 271D of the Income Tax Act for violating Section 269SS. The Court found the transaction genuine, supported by an affidavit claiming the amount received was a gift, not a loan, emphasizing the absence of tax evasion intent and the urgency of funds for property purchase. Previous decisions and Section 273B were cited to support the finding that no penalty should be imposed if a reasonable cause is shown. en-us Tue, 05 Feb 2013 00:00:00 +0530 Fri, 17 Jul 2026 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220806 The Court upheld the Tribunal's decision, dismissing the appeal against the penalty imposed under Section 271D of the Income Tax Act for violating Section 269SS. The Court found the transaction genuine, supported by an affidavit claiming the amount received was a gift, not a loan, emphasizing the absence of tax evasion intent and the urgency of funds for property purchase. Previous decisions and Section 273B were cited to support the finding that no penalty should be imposed if a reasonable cause is shown. Case-Laws Income Tax Tue, 05 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220806