https://www.taxtmi.com/caselaws?id=411065 The Tribunal allowed the appeal, ruling that the penalty under section 271D of the Income Tax Act was not applicable due to the genuine nature of cash loans taken from close family members for urgent needs. The Tribunal emphasized the reasonable cause presented by the appellant and cited relevant High Court decisions supporting the appellant's position. The decision was based on the specific circumstances of the case and the application of section 273B to prevent undue hardship. en-us Wed, 11 Aug 2021 00:00:00 +0530 Tue, 17 Aug 2021 09:01:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411065 The Tribunal allowed the appeal, ruling that the penalty under section 271D of the Income Tax Act was not applicable due to the genuine nature of cash loans taken from close family members for urgent needs. The Tribunal emphasized the reasonable cause presented by the appellant and cited relevant High Court decisions supporting the appellant's position. The decision was based on the specific circumstances of the case and the application of section 273B to prevent undue hardship. Case-Laws Income Tax Wed, 11 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411065