https://www.taxtmi.com/caselaws?id=414156 Cash receipts and repayments between close relatives, explained as personal arrangements to help purchase a flat, were treated as non-business transactions. The uncle explained the source of funds, and the Revenue did not produce material to dislodge that explanation. On those facts, the dealings were found to be personal in nature and not loans or deposits in the business sense, so the statutory prohibitions on cash acceptance and cash repayment were held inapplicable. The penalty imposed under the relevant cash transaction provisions was therefore not sustainable and was deleted. en-us Wed, 27 Oct 2021 00:00:00 +0530 Fri, 29 Oct 2021 08:40:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414156 Cash receipts and repayments between close relatives, explained as personal arrangements to help purchase a flat, were treated as non-business transactions. The uncle explained the source of funds, and the Revenue did not produce material to dislodge that explanation. On those facts, the dealings were found to be personal in nature and not loans or deposits in the business sense, so the statutory prohibitions on cash acceptance and cash repayment were held inapplicable. The penalty imposed under the relevant cash transaction provisions was therefore not sustainable and was deleted. Case-Laws Income Tax Wed, 27 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414156