https://www.taxtmi.com/caselaws?id=279724 The Tribunal allowed the appeal, canceling the penalty imposed under sections 271D and 269SS of the Income-tax Act, 1961. The decision was based on the similarity of the case to previous judgments, emphasizing business expediency and family transactions as justifications for accepting a temporary financial accommodation from the mother. The Tribunal highlighted the importance of considering the need for funds and the source of the money in determining penalty applicability, ultimately ruling in favor of the assessee and granting the appeal. en-us Wed, 24 May 2017 00:00:00 +0530 Wed, 03 Apr 2019 05:57:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279724 The Tribunal allowed the appeal, canceling the penalty imposed under sections 271D and 269SS of the Income-tax Act, 1961. The decision was based on the similarity of the case to previous judgments, emphasizing business expediency and family transactions as justifications for accepting a temporary financial accommodation from the mother. The Tribunal highlighted the importance of considering the need for funds and the source of the money in determining penalty applicability, ultimately ruling in favor of the assessee and granting the appeal. Case-Laws Income Tax Wed, 24 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279724