https://www.taxtmi.com/caselaws?id=306362 The tribunal upheld the disallowance of excess interest expenditure on loans from relatives at a higher rate but set aside the penalty imposed under section 271D for receiving cash from the spouse, emphasizing the need for commercial justifications in financial transactions and considering contextual nuances in applying penal provisions under the Income Tax Act. en-us Mon, 27 May 2019 00:00:00 +0530 Tue, 24 Jan 2023 19:59:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306362 The tribunal upheld the disallowance of excess interest expenditure on loans from relatives at a higher rate but set aside the penalty imposed under section 271D for receiving cash from the spouse, emphasizing the need for commercial justifications in financial transactions and considering contextual nuances in applying penal provisions under the Income Tax Act. Case-Laws Income Tax Mon, 27 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306362