https://www.taxtmi.com/caselaws?id=283693 The Tribunal ruled in favor of the assessee, overturning the penalty of Rs. 2 lakhs imposed under section 271D for accepting a cash loan from his son, considering it a family loan exempt under section 273B. The Tribunal emphasized the bona fide nature of family transactions. Additionally, the Tribunal dismissed the revenue's appeal due to the monetary limit for filing appeals being less than Rs. 2,00,000, as per precedent. The addition of Rs. 5,26,199 made towards the difference in the cost of construction was also deleted as the calculations were found to be incorrect, with proper rebates not applied. en-us Tue, 13 Apr 2010 00:00:00 +0530 Mon, 07 Oct 2019 18:05:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283693 The Tribunal ruled in favor of the assessee, overturning the penalty of Rs. 2 lakhs imposed under section 271D for accepting a cash loan from his son, considering it a family loan exempt under section 273B. The Tribunal emphasized the bona fide nature of family transactions. Additionally, the Tribunal dismissed the revenue's appeal due to the monetary limit for filing appeals being less than Rs. 2,00,000, as per precedent. The addition of Rs. 5,26,199 made towards the difference in the cost of construction was also deleted as the calculations were found to be incorrect, with proper rebates not applied. Case-Laws Income Tax Tue, 13 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283693