https://www.taxtmi.com/caselaws?id=407297 The Tribunal allowed the appeal for statistical purposes, directing a reexamination by the AO to ensure no unexplained funds were introduced as a loan from the Managing Director. The decision highlighted the importance of substantiating the source of funds to avoid penalties under section 271D, emphasizing the need for genuine transactions and compliance with tax laws. en-us Tue, 27 Apr 2021 00:00:00 +0530 Thu, 06 May 2021 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407297 The Tribunal allowed the appeal for statistical purposes, directing a reexamination by the AO to ensure no unexplained funds were introduced as a loan from the Managing Director. The decision highlighted the importance of substantiating the source of funds to avoid penalties under section 271D, emphasizing the need for genuine transactions and compliance with tax laws. Case-Laws Income Tax Tue, 27 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407297