https://www.taxtmi.com/caselaws?id=391435 The ITAT allowed the appeal, ruling in favor of the assessee, and deleted the penalty imposed under section 271D of the Income Tax Act, 1961. The ITAT emphasized the firm's bona fide belief, the business exigencies justifying the cash loan, and the legal position that a firm and a partner are not separate taxable entities for such transactions. The decision was based on the provisions of section 273B and the overall facts and circumstances of the case, leading to the dismissal of the penalty. en-us Thu, 05 Dec 2019 00:00:00 +0530 Tue, 28 Jan 2020 18:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391435 The ITAT allowed the appeal, ruling in favor of the assessee, and deleted the penalty imposed under section 271D of the Income Tax Act, 1961. The ITAT emphasized the firm's bona fide belief, the business exigencies justifying the cash loan, and the legal position that a firm and a partner are not separate taxable entities for such transactions. The decision was based on the provisions of section 273B and the overall facts and circumstances of the case, leading to the dismissal of the penalty. Case-Laws Income Tax Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391435