https://www.taxtmi.com/caselaws?id=430919 The ITAT Rajkot overturned the penalty imposed under section 271D of the Income Tax Act, 1961 on the assessee for accepting loans in cash from family members for the purchase of a residential property. The ITAT found that based on legal precedents and the specific circumstances of the case, the provisions of sections 269SS and 271D were not applicable as there was no evidence to establish the amount as a loan or deposit. The decision emphasized the importance of genuine transactions and reasonable causes for accepting cash amounts, ultimately allowing the appeal and setting aside the penalty. en-us Tue, 29 Nov 2022 00:00:00 +0530 Wed, 30 Nov 2022 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430919 The ITAT Rajkot overturned the penalty imposed under section 271D of the Income Tax Act, 1961 on the assessee for accepting loans in cash from family members for the purchase of a residential property. The ITAT found that based on legal precedents and the specific circumstances of the case, the provisions of sections 269SS and 271D were not applicable as there was no evidence to establish the amount as a loan or deposit. The decision emphasized the importance of genuine transactions and reasonable causes for accepting cash amounts, ultimately allowing the appeal and setting aside the penalty. Case-Laws Income Tax Tue, 29 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430919