https://www.taxtmi.com/caselaws?id=399961 The penalties imposed under sections 271D and 271E of the Income Tax Act on an assessee engaged in the business of development and building were deleted by the Tribunal. Transactions with family members were considered as "reasonable cause" under section 273B, leading to the conclusion that penalties should not apply. Additionally, the Tribunal directed further verification regarding transactions with non-family members to determine if they were business transactions or loans. In a separate judgment, penalties under section 271D were also subject to verification based on the nature of the transactions. The orders in favor of the assessee were pronounced on October 21, 2020. en-us Tue, 20 Oct 2020 00:00:00 +0530 Fri, 23 Oct 2020 16:12:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399961 The penalties imposed under sections 271D and 271E of the Income Tax Act on an assessee engaged in the business of development and building were deleted by the Tribunal. Transactions with family members were considered as "reasonable cause" under section 273B, leading to the conclusion that penalties should not apply. Additionally, the Tribunal directed further verification regarding transactions with non-family members to determine if they were business transactions or loans. In a separate judgment, penalties under section 271D were also subject to verification based on the nature of the transactions. The orders in favor of the assessee were pronounced on October 21, 2020. Case-Laws Income Tax Tue, 20 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399961