https://www.taxtmi.com/caselaws?id=283695 The appeal was allowed, and the penalty under section 271B of the I.T. Act imposed on the assessee for accepting interest-free loans exceeding specified limits from family members was revoked. The Tribunal held that the loans were not conventional loans but adjustments between family members to clear obligations to external parties, constituting a "reasonable cause" under section 273B. Citing relevant judgments, it was established that penalties under sections 271D and 271E should not apply to family transactions without tax implications, aimed at business exigencies, as the intention of the provisions was to combat black money transactions, not minor breaches. en-us Thu, 07 Jan 2010 00:00:00 +0530 Mon, 07 Oct 2019 18:10:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283695 The appeal was allowed, and the penalty under section 271B of the I.T. Act imposed on the assessee for accepting interest-free loans exceeding specified limits from family members was revoked. The Tribunal held that the loans were not conventional loans but adjustments between family members to clear obligations to external parties, constituting a "reasonable cause" under section 273B. Citing relevant judgments, it was established that penalties under sections 271D and 271E should not apply to family transactions without tax implications, aimed at business exigencies, as the intention of the provisions was to combat black money transactions, not minor breaches. Case-Laws Income Tax Thu, 07 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283695