https://www.taxtmi.com/caselaws?id=381978 The ITAT allowed the appeal, directing the A.O. to delete the penalty imposed under section 271D of the Income Tax Act, 1961. The appellant's familial relationship with the partners of the alleged lender, coupled with the nature of transactions as current accounts for household expenses, led to the finding that no cash loan was received. The appellant's cash book entries supported the absence of any cash transactions, resulting in the exoneration of the appellant from violating the relevant provisions of the Act. en-us Thu, 20 Jun 2019 00:00:00 +0530 Fri, 21 Jun 2019 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381978 The ITAT allowed the appeal, directing the A.O. to delete the penalty imposed under section 271D of the Income Tax Act, 1961. The appellant's familial relationship with the partners of the alleged lender, coupled with the nature of transactions as current accounts for household expenses, led to the finding that no cash loan was received. The appellant's cash book entries supported the absence of any cash transactions, resulting in the exoneration of the appellant from violating the relevant provisions of the Act. Case-Laws Income Tax Thu, 20 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381978