https://www.taxtmi.com/caselaws?id=379278 The ITAT allowed the appeal, setting aside the penalty under section 271D of the Income Tax Act, 1961. The tribunal found the transaction between the assessee and their father, treated as a gift, to be genuine and exempt from penalty under section 269SS. Emphasizing the purpose of deterring unaccounted money, the ITAT concluded that penalties were not applicable in this case due to the familial nature of the transaction. The judgment underscored the significance of transaction genuineness and differentiation between gifts and loans, resulting in a favorable outcome for the assessee. en-us Tue, 01 Jan 2019 00:00:00 +0530 Tue, 30 Apr 2019 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379278 The ITAT allowed the appeal, setting aside the penalty under section 271D of the Income Tax Act, 1961. The tribunal found the transaction between the assessee and their father, treated as a gift, to be genuine and exempt from penalty under section 269SS. Emphasizing the purpose of deterring unaccounted money, the ITAT concluded that penalties were not applicable in this case due to the familial nature of the transaction. The judgment underscored the significance of transaction genuineness and differentiation between gifts and loans, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Tue, 01 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379278