https://www.taxtmi.com/caselaws?id=285839 The ITAT set aside the CIT(A)'s penalty order under Section 271D of the Income Tax Act, ruling in favor of the assessee. ITAT found the cash loans accepted were genuine, with no intent of tax evasion, supported by disclosures from the lenders. Emphasizing the genuineness of transactions and absence of malafide intent, ITAT overturned the penalty, citing relevant legal precedents. en-us Wed, 11 Apr 2018 00:00:00 +0530 Wed, 29 Jan 2020 17:43:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285839 The ITAT set aside the CIT(A)'s penalty order under Section 271D of the Income Tax Act, ruling in favor of the assessee. ITAT found the cash loans accepted were genuine, with no intent of tax evasion, supported by disclosures from the lenders. Emphasizing the genuineness of transactions and absence of malafide intent, ITAT overturned the penalty, citing relevant legal precedents. Case-Laws Income Tax Wed, 11 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285839