https://www.taxtmi.com/caselaws?id=354060 The ITAT allowed the appeal, setting aside the penalties imposed under sections 271D and 271E for the Assessment Year 2010-11. The ITAT concluded that the transactions between family members, being close relatives, were for familial support and not loans or deposits, thus not breaching sections 269SS and 269T of the Income Tax Act. The penalties were quashed based on the familial nature of the transactions and their exclusion from the provisions of sections 269SS and 269T. en-us Wed, 10 Jan 2018 00:00:00 +0530 Wed, 17 Jan 2018 12:02:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354060 The ITAT allowed the appeal, setting aside the penalties imposed under sections 271D and 271E for the Assessment Year 2010-11. The ITAT concluded that the transactions between family members, being close relatives, were for familial support and not loans or deposits, thus not breaching sections 269SS and 269T of the Income Tax Act. The penalties were quashed based on the familial nature of the transactions and their exclusion from the provisions of sections 269SS and 269T. Case-Laws Income Tax Wed, 10 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354060