https://www.taxtmi.com/caselaws?id=329342 The High Court allowed the appeal, canceling the penalty imposed under section 271D of the Income Tax Act. The Court found the transaction between the appellant and his son to be non-commercial and personal, not constituting a loan or deposit under section 269SS. Emphasizing the genuine nature of the transaction, the Court ruled in favor of the appellant, citing legal precedents and highlighting the absence of tax evasion or commercial motives. The appellant's reasonable cause for the transaction, driven by business exigency and lack of revenue loss, led to the penalty's deletion. en-us Wed, 22 Jun 2016 00:00:00 +0530 Tue, 01 Aug 2017 10:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329342 The High Court allowed the appeal, canceling the penalty imposed under section 271D of the Income Tax Act. The Court found the transaction between the appellant and his son to be non-commercial and personal, not constituting a loan or deposit under section 269SS. Emphasizing the genuine nature of the transaction, the Court ruled in favor of the appellant, citing legal precedents and highlighting the absence of tax evasion or commercial motives. The appellant's reasonable cause for the transaction, driven by business exigency and lack of revenue loss, led to the penalty's deletion. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329342