https://www.taxtmi.com/caselaws?id=325357 The Tribunal allowed the appeal, quashing the penalty imposed under section 271E r.w.s 274 of the Income Tax Act. The decision was based on the assessee demonstrating a reasonable cause for repaying a loan in cash to relatives, citing family turmoil and strained relations with the relative as justifications. The Tribunal found the evidence presented by the assessee, including bank statements and police complaints, sufficient to support the claim of reasonable cause, leading to the penalty being set aside. en-us Mon, 14 Mar 2016 00:00:00 +0530 Thu, 17 Mar 2016 13:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325357 The Tribunal allowed the appeal, quashing the penalty imposed under section 271E r.w.s 274 of the Income Tax Act. The decision was based on the assessee demonstrating a reasonable cause for repaying a loan in cash to relatives, citing family turmoil and strained relations with the relative as justifications. The Tribunal found the evidence presented by the assessee, including bank statements and police complaints, sufficient to support the claim of reasonable cause, leading to the penalty being set aside. Case-Laws Income Tax Mon, 14 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325357