https://www.taxtmi.com/caselaws?id=283494 The ITAT Kolkata Bench allowed the appeals filed by the assessee against penalty orders imposed under sections 271D and 271E of the Income Tax Act for Assessment Year 2005-06. The ITAT held that transactions between sister-in-law and nephew, considered as family members based on precedent, did not constitute loans. Consequently, the penalties were quashed, relying on a previous judgment approved by the Kolkata High Court. The appeals were allowed, and the penalties were set aside. en-us Wed, 10 Jan 2018 00:00:00 +0530 Wed, 09 Oct 2019 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283494 The ITAT Kolkata Bench allowed the appeals filed by the assessee against penalty orders imposed under sections 271D and 271E of the Income Tax Act for Assessment Year 2005-06. The ITAT held that transactions between sister-in-law and nephew, considered as family members based on precedent, did not constitute loans. Consequently, the penalties were quashed, relying on a previous judgment approved by the Kolkata High Court. The appeals were allowed, and the penalties were set aside. Case-Laws Income Tax Wed, 10 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283494