https://www.taxtmi.com/caselaws?id=187320 The CIT(A) cancelled the penalty u/s 271D imposed for contravention of section 269SS as the transactions were deemed bona fide and genuine family dealings without tax evasion intent. The Tribunal upheld this decision, emphasizing the absence of typical loan or deposit conditions and citing precedents where similar family transactions were not penalized. Consequently, the penalty was rightly deleted, and the Revenue's appeal was dismissed. en-us Fri, 11 Sep 2009 00:00:00 +0530 Tue, 18 Oct 2016 12:37:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187320 The CIT(A) cancelled the penalty u/s 271D imposed for contravention of section 269SS as the transactions were deemed bona fide and genuine family dealings without tax evasion intent. The Tribunal upheld this decision, emphasizing the absence of typical loan or deposit conditions and citing precedents where similar family transactions were not penalized. Consequently, the penalty was rightly deleted, and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 11 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187320