https://www.taxtmi.com/caselaws?id=414156 The Tribunal dismissed the Revenue's appeals and upheld the CIT(A)'s decision to delete penalties imposed under Sections 271D and 271E of the Income Tax Act. The Tribunal found the transactions to be personal in nature, supported by evidence and precedents indicating that transactions between close relatives for personal purposes do not fall under the specified sections. The delay in filing appeals was condoned due to procedural and technical reasons. 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 The Tribunal dismissed the Revenue's appeals and upheld the CIT(A)'s decision to delete penalties imposed under Sections 271D and 271E of the Income Tax Act. The Tribunal found the transactions to be personal in nature, supported by evidence and precedents indicating that transactions between close relatives for personal purposes do not fall under the specified sections. The delay in filing appeals was condoned due to procedural and technical reasons. Case-Laws Income Tax Wed, 27 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414156