https://www.taxtmi.com/caselaws?id=256010 The Tribunal set aside the penalty imposed under section 271D of the Income Tax Act, finding that the cash loans taken by the assessee were genuine and not for tax evasion purposes. The Tribunal concluded that the loans were legitimate, taken in good faith to settle a liability with a bank. As a result, the penalty was canceled, and the assessee's appeal was allowed. en-us Fri, 30 Jan 2015 00:00:00 +0530 Mon, 02 Feb 2015 11:21:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256010 The Tribunal set aside the penalty imposed under section 271D of the Income Tax Act, finding that the cash loans taken by the assessee were genuine and not for tax evasion purposes. The Tribunal concluded that the loans were legitimate, taken in good faith to settle a liability with a bank. As a result, the penalty was canceled, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256010