https://www.taxtmi.com/caselaws?id=386799 The Tribunal allowed the appeal of the assessee and deleted the penalty imposed under Section 271D of the Income Tax Act. It held that the loan received in cash from the wife for business purposes was genuine, with a explained source, emphasizing that transactions between close relatives for legitimate business reasons should be treated leniently. The Tribunal found no violation of Section 269SS aimed at curbing black money, ultimately setting aside the lower authorities' orders and ruling in favor of the assessee. en-us Wed, 25 Sep 2019 00:00:00 +0530 Wed, 09 Oct 2019 07:33:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386799 The Tribunal allowed the appeal of the assessee and deleted the penalty imposed under Section 271D of the Income Tax Act. It held that the loan received in cash from the wife for business purposes was genuine, with a explained source, emphasizing that transactions between close relatives for legitimate business reasons should be treated leniently. The Tribunal found no violation of Section 269SS aimed at curbing black money, ultimately setting aside the lower authorities' orders and ruling in favor of the assessee. Case-Laws Income Tax Wed, 25 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386799