https://www.taxtmi.com/caselaws?id=182411 The Appellate Tribunal allowed the appeal of the assessee in a case concerning the levy of penalty under section 271D of the Income-tax Act for contravention of section 269SS. The Tribunal considered the assessee's argument regarding cash loans received from relatives without bank accounts, each not exceeding Rs. 20,000, in line with a CBDT circular and a Bombay High Court decision. Emphasizing the interpretation of the circular and the precedent set by the High Court, the Tribunal concluded that the penalty imposed by the JCIT was unjustified and deleted it, highlighting the importance of legal interpretations and precedent in tax law matters. en-us Wed, 08 Jul 2015 00:00:00 +0530 Mon, 09 May 2016 23:53:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182411 The Appellate Tribunal allowed the appeal of the assessee in a case concerning the levy of penalty under section 271D of the Income-tax Act for contravention of section 269SS. The Tribunal considered the assessee's argument regarding cash loans received from relatives without bank accounts, each not exceeding Rs. 20,000, in line with a CBDT circular and a Bombay High Court decision. Emphasizing the interpretation of the circular and the precedent set by the High Court, the Tribunal concluded that the penalty imposed by the JCIT was unjustified and deleted it, highlighting the importance of legal interpretations and precedent in tax law matters. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182411