https://www.taxtmi.com/caselaws?id=390640 Penalty for acceptance and repayment of a loan was held inapplicable where the transactions were between proprietary concerns of father and son, fully recorded in the books, and driven by urgent business needs. The Tribunal treated receipt through bearer cheque and repayment by deposit into the lender's bank account as only a technical infraction, with no unaccounted cash movement, suppression of income, or concealment. It further accepted that genuine family transactions between near relatives, when disclosed and accounted for, can constitute reasonable cause. On that basis, the penalties were cancelled. en-us Fri, 03 Jan 2020 00:00:00 +0530 Wed, 08 Jan 2020 10:43:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390640 Penalty for acceptance and repayment of a loan was held inapplicable where the transactions were between proprietary concerns of father and son, fully recorded in the books, and driven by urgent business needs. The Tribunal treated receipt through bearer cheque and repayment by deposit into the lender's bank account as only a technical infraction, with no unaccounted cash movement, suppression of income, or concealment. It further accepted that genuine family transactions between near relatives, when disclosed and accounted for, can constitute reasonable cause. On that basis, the penalties were cancelled. Case-Laws Income Tax Fri, 03 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390640