https://www.taxtmi.com/caselaws?id=410132 The Tribunal allowed the appeal, overturning the penalty imposed under section 271D of the Income Tax Act. It was found that the loans taken in cash from relatives for higher education expenses were genuine and not intended to evade tax. The Tribunal emphasized the practicality of seeking financial assistance from close relatives for immediate needs, leading to the deletion of the penalty. en-us Wed, 02 Jun 2021 00:00:00 +0530 Mon, 26 Jul 2021 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410132 The Tribunal allowed the appeal, overturning the penalty imposed under section 271D of the Income Tax Act. It was found that the loans taken in cash from relatives for higher education expenses were genuine and not intended to evade tax. The Tribunal emphasized the practicality of seeking financial assistance from close relatives for immediate needs, leading to the deletion of the penalty. Case-Laws Income Tax Wed, 02 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410132