https://www.taxtmi.com/caselaws?id=390092 The Appellate Tribunal overturned the penalty imposed under section 271D of the Income Tax Act on the assessee for receiving a cash loan from close relatives for purchasing a property. While the Assessing Officer and CIT (A) upheld the penalty citing violations of sections 269SS and 271D, the Tribunal found the transactions genuine and within family members, thus deleting the penalty. The decision underscores the need to substantiate transactions, comply with tax provisions, and demonstrate reasonable cause to avoid penalties, emphasizing the genuineness of transactions and familial relationships in this case. en-us Wed, 18 Dec 2019 00:00:00 +0530 Mon, 23 Dec 2019 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390092 The Appellate Tribunal overturned the penalty imposed under section 271D of the Income Tax Act on the assessee for receiving a cash loan from close relatives for purchasing a property. While the Assessing Officer and CIT (A) upheld the penalty citing violations of sections 269SS and 271D, the Tribunal found the transactions genuine and within family members, thus deleting the penalty. The decision underscores the need to substantiate transactions, comply with tax provisions, and demonstrate reasonable cause to avoid penalties, emphasizing the genuineness of transactions and familial relationships in this case. Case-Laws Income Tax Wed, 18 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390092