https://www.taxtmi.com/caselaws?id=392649 The ITAT allowed the appeal, directing the deletion of the penalty imposed under section 271E of the Income Tax Act, 1961. The decision emphasized the genuine nature of transactions involving urgent funds for medical treatment from close family members, which were not considered loans or deposits. As the transactions were found to be genuine and made for reasonable causes, the penalty was deemed unjustified, aligning with the legislative intent to prevent tax evasion rather than penalize legitimate emergency payments. en-us Thu, 20 Feb 2020 00:00:00 +0530 Tue, 25 Feb 2020 06:51:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392649 The ITAT allowed the appeal, directing the deletion of the penalty imposed under section 271E of the Income Tax Act, 1961. The decision emphasized the genuine nature of transactions involving urgent funds for medical treatment from close family members, which were not considered loans or deposits. As the transactions were found to be genuine and made for reasonable causes, the penalty was deemed unjustified, aligning with the legislative intent to prevent tax evasion rather than penalize legitimate emergency payments. Case-Laws Income Tax Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392649