https://www.taxtmi.com/caselaws?id=406262 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271D of the Income Tax Act for receiving a cash loan from the mother in violation of Section 269SS. The Tribunal considered the transaction genuine based on the relationship between the parties, following the principles established in a previous Madras High Court case. The penalty was overturned, emphasizing that penalties should not apply to bona fide transactions, ultimately allowing the appeal. en-us Wed, 17 Mar 2021 00:00:00 +0530 Fri, 09 Apr 2021 23:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406262 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 271D of the Income Tax Act for receiving a cash loan from the mother in violation of Section 269SS. The Tribunal considered the transaction genuine based on the relationship between the parties, following the principles established in a previous Madras High Court case. The penalty was overturned, emphasizing that penalties should not apply to bona fide transactions, ultimately allowing the appeal. Case-Laws Income Tax Wed, 17 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406262