https://www.taxtmi.com/caselaws?id=270841 The Tribunal allowed the appeals, deleting penalties under sections 271D and 271E of the Income Tax Act, ruling that transactions between family members were genuine and bona fide with no tax evasion intent. The judgment emphasized assessing the authenticity and circumstances of transactions before imposing penalties. The order, issued on 28th October 2015, favored the assessees, highlighting the importance of genuine transactions in tax matters. en-us Wed, 28 Oct 2015 00:00:00 +0530 Mon, 18 Jan 2016 05:54:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270841 The Tribunal allowed the appeals, deleting penalties under sections 271D and 271E of the Income Tax Act, ruling that transactions between family members were genuine and bona fide with no tax evasion intent. The judgment emphasized assessing the authenticity and circumstances of transactions before imposing penalties. The order, issued on 28th October 2015, favored the assessees, highlighting the importance of genuine transactions in tax matters. Case-Laws Income Tax Wed, 28 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270841