https://www.taxtmi.com/caselaws?id=335800 The tribunal allowed the appeal of the assessee and directed the deletion of the penalty of Rs. 2,83,500/- imposed under Section 271D of the Income Tax Act, which was sustained by the CIT(A). The tribunal considered the genuineness of the transactions, the loans being from close relatives and family members for business purposes, and the repayment made in parts. Citing similar precedents, the tribunal found reasonable cause under Section 273B and deleted the penalty, respecting the decision in a comparable case. en-us Mon, 07 Nov 2016 00:00:00 +0530 Thu, 08 Dec 2016 22:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335800 The tribunal allowed the appeal of the assessee and directed the deletion of the penalty of Rs. 2,83,500/- imposed under Section 271D of the Income Tax Act, which was sustained by the CIT(A). The tribunal considered the genuineness of the transactions, the loans being from close relatives and family members for business purposes, and the repayment made in parts. Citing similar precedents, the tribunal found reasonable cause under Section 273B and deleted the penalty, respecting the decision in a comparable case. Case-Laws Income Tax Mon, 07 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335800