https://www.taxtmi.com/caselaws?id=332001 The Tribunal allowed the appeals, condoning the delay in filing and setting aside the penalties levied under Sections 271D and 271E, directing the AO to cancel the penalties. The judgment emphasized that genuine transactions between family members, without intent to evade tax, constitute a reasonable cause for non-imposition of penalties under the Income Tax Act. en-us Wed, 31 Aug 2016 00:00:00 +0530 Wed, 07 Sep 2016 11:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332001 The Tribunal allowed the appeals, condoning the delay in filing and setting aside the penalties levied under Sections 271D and 271E, directing the AO to cancel the penalties. The judgment emphasized that genuine transactions between family members, without intent to evade tax, constitute a reasonable cause for non-imposition of penalties under the Income Tax Act. Case-Laws Income Tax Wed, 31 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332001