https://www.taxtmi.com/caselaws?id=396723 The Tribunal allowed the appeal, overturning the penalty imposed under section 271D of the Income-tax Act, 1961. It held that transactions labeled as loans in account books may not always meet legal loan criteria, especially in family contexts. The judgment emphasized the need to substantiate claims and differentiate genuine loans from intra-family fund transfers to avoid tax law penalties. en-us Fri, 29 May 2020 00:00:00 +0530 Fri, 17 Jul 2020 10:29:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396723 The Tribunal allowed the appeal, overturning the penalty imposed under section 271D of the Income-tax Act, 1961. It held that transactions labeled as loans in account books may not always meet legal loan criteria, especially in family contexts. The judgment emphasized the need to substantiate claims and differentiate genuine loans from intra-family fund transfers to avoid tax law penalties. Case-Laws Income Tax Fri, 29 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396723