https://www.taxtmi.com/caselaws?id=273380 The Tribunal allowed the appeal, canceling the penalty imposed under section 271D of the Income Tax Act. It ruled that the transaction between spouses, involving cash deposits for a joint family venture, did not constitute a loan under section 269SS. Emphasizing the exemption of family transactions from the legislation when not commercial, the Tribunal highlighted the need to interpret tax laws liberally to preserve family harmony and trust. en-us Wed, 04 Oct 2017 00:00:00 +0530 Fri, 22 Jun 2018 06:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273380 The Tribunal allowed the appeal, canceling the penalty imposed under section 271D of the Income Tax Act. It ruled that the transaction between spouses, involving cash deposits for a joint family venture, did not constitute a loan under section 269SS. Emphasizing the exemption of family transactions from the legislation when not commercial, the Tribunal highlighted the need to interpret tax laws liberally to preserve family harmony and trust. Case-Laws Income Tax Wed, 04 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273380