https://www.taxtmi.com/caselaws?id=344956 The Tribunal allowed the appeal, deleting the penalty imposed under Section 271E of the Income Tax Act. It was held that transactions between the assessee and his wife, involving repayment of a loan in cash, were genuine, undertaken in good faith, and constituted a reasonable cause under Section 273B. The Tribunal emphasized that penalties under Sections 269SS and 269T do not apply to genuine transactions between close family members. The order of the Commissioner of Income Tax (Appeals) was reversed, and the penalty was canceled. en-us Thu, 12 Jan 2017 00:00:00 +0530 Mon, 03 Jul 2017 10:06:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344956 The Tribunal allowed the appeal, deleting the penalty imposed under Section 271E of the Income Tax Act. It was held that transactions between the assessee and his wife, involving repayment of a loan in cash, were genuine, undertaken in good faith, and constituted a reasonable cause under Section 273B. The Tribunal emphasized that penalties under Sections 269SS and 269T do not apply to genuine transactions between close family members. The order of the Commissioner of Income Tax (Appeals) was reversed, and the penalty was canceled. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344956