https://www.taxtmi.com/caselaws?id=377765 The Tribunal allowed the appeal, canceling the penalty imposed under section 271D of the Income Tax Act, 1961. The decision was based on the interpretation that transactions with closely connected entities, like family members, do not attract penalties under sections 271D and 269SS if genuineness is established. The Tribunal relied on a precedent where penalties were deleted for funds received from parents for business needs, ultimately canceling the penalty in this case as well. en-us Fri, 29 Mar 2019 00:00:00 +0530 Tue, 02 Apr 2019 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377765 The Tribunal allowed the appeal, canceling the penalty imposed under section 271D of the Income Tax Act, 1961. The decision was based on the interpretation that transactions with closely connected entities, like family members, do not attract penalties under sections 271D and 269SS if genuineness is established. The Tribunal relied on a precedent where penalties were deleted for funds received from parents for business needs, ultimately canceling the penalty in this case as well. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377765