https://www.taxtmi.com/caselaws?id=391205 The tribunal concluded that the penalty under Section 271E of the IT Act was not sustainable in the case involving transactions between close relatives. The tribunal set aside the CIT(A)'s order and directed the AO to delete the penalty, emphasizing that family transactions without commercial intent should not attract penalties under Sections 271D and 271E. As a result, the appeal filed by the assessee was allowed, and the penalty was ultimately deleted. en-us Mon, 20 Jan 2020 00:00:00 +0530 Wed, 22 Jan 2020 08:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391205 The tribunal concluded that the penalty under Section 271E of the IT Act was not sustainable in the case involving transactions between close relatives. The tribunal set aside the CIT(A)'s order and directed the AO to delete the penalty, emphasizing that family transactions without commercial intent should not attract penalties under Sections 271D and 271E. As a result, the appeal filed by the assessee was allowed, and the penalty was ultimately deleted. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391205