https://www.taxtmi.com/caselaws?id=373248 The court ruled in favor of the assessee, setting aside the penalty imposed under Section 271D of the Income Tax Act for accepting a cash loan from relatives. The court emphasized the importance of establishing a reasonable cause for accepting the cash loan, shifting the burden to the Assessing Officer to prove otherwise. Given the genuine nature of the transaction between the assessee and her relatives, without evidence of mala fide intent, the court concluded that the penalty was unwarranted. The appeal was allowed, and the Tribunal's order was overturned in favor of the assessee. en-us Thu, 20 Dec 2018 00:00:00 +0530 Wed, 09 Jan 2019 08:24:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373248 The court ruled in favor of the assessee, setting aside the penalty imposed under Section 271D of the Income Tax Act for accepting a cash loan from relatives. The court emphasized the importance of establishing a reasonable cause for accepting the cash loan, shifting the burden to the Assessing Officer to prove otherwise. Given the genuine nature of the transaction between the assessee and her relatives, without evidence of mala fide intent, the court concluded that the penalty was unwarranted. The appeal was allowed, and the Tribunal's order was overturned in favor of the assessee. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373248