https://www.taxtmi.com/caselaws?id=380531 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271D of the IT Act. It emphasized the genuine nature of the transactions, the family relationships, and the absence of any intention to evade tax. The decision highlighted the importance of considering reasonable cause and the specific circumstances of the case in penalty proceedings related to cash loans from family members for legitimate purposes. en-us Fri, 10 May 2019 00:00:00 +0530 Thu, 23 May 2019 08:23:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380531 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271D of the IT Act. It emphasized the genuine nature of the transactions, the family relationships, and the absence of any intention to evade tax. The decision highlighted the importance of considering reasonable cause and the specific circumstances of the case in penalty proceedings related to cash loans from family members for legitimate purposes. Case-Laws Income Tax Fri, 10 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380531