https://www.taxtmi.com/caselaws?id=247738 The Tribunal allowed the appeal, deleting the penalty imposed under Sec. 271D of the Income Tax Act. It emphasized the importance of concrete evidence in distinguishing between investment and cash loan transactions, highlighting that penalties cannot be based on assumptions. The decision underscored the necessity of factual substantiation over presumptions in tax penalty cases. en-us Mon, 12 May 2014 00:00:00 +0530 Tue, 20 May 2014 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247738 The Tribunal allowed the appeal, deleting the penalty imposed under Sec. 271D of the Income Tax Act. It emphasized the importance of concrete evidence in distinguishing between investment and cash loan transactions, highlighting that penalties cannot be based on assumptions. The decision underscored the necessity of factual substantiation over presumptions in tax penalty cases. Case-Laws Income Tax Mon, 12 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247738