https://www.taxtmi.com/caselaws?id=278023 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271D of the Income Tax Act, 1961. It held that transactions between the assessee and close relatives, intended for investment purposes and not commercial use, did not breach the law. Citing precedents, the Tribunal emphasized that penalties should not apply to genuine transactions among family members and ruled in favor of the taxpayer, directing the deletion of the penalty. en-us Fri, 13 Oct 2017 00:00:00 +0530 Sat, 05 Jan 2019 06:21:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278023 The Tribunal allowed the appeal, canceling the penalty imposed under Section 271D of the Income Tax Act, 1961. It held that transactions between the assessee and close relatives, intended for investment purposes and not commercial use, did not breach the law. Citing precedents, the Tribunal emphasized that penalties should not apply to genuine transactions among family members and ruled in favor of the taxpayer, directing the deletion of the penalty. Case-Laws Income Tax Fri, 13 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278023