https://www.taxtmi.com/caselaws?id=197897 The ITAT Kolkata overturned the penalty imposed under section 271D of the Income Tax Act on the assessee for accepting cash loans exceeding Rs. 20,000 from relatives. The ITAT ruled that the transactions were in the nature of financial support within the family and qualified for exemption under section 273B, as the cash was withdrawn from bank accounts by the relatives before being advanced to the assessee. Consequently, the ITAT allowed the appeal, emphasizing the familial nature of the transactions and setting aside the penalty. en-us Tue, 24 May 2011 00:00:00 +0530 Mon, 17 Apr 2023 13:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197897 The ITAT Kolkata overturned the penalty imposed under section 271D of the Income Tax Act on the assessee for accepting cash loans exceeding Rs. 20,000 from relatives. The ITAT ruled that the transactions were in the nature of financial support within the family and qualified for exemption under section 273B, as the cash was withdrawn from bank accounts by the relatives before being advanced to the assessee. Consequently, the ITAT allowed the appeal, emphasizing the familial nature of the transactions and setting aside the penalty. Case-Laws Income Tax Tue, 24 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197897