https://www.taxtmi.com/caselaws?id=306390 The appellate tribunal overturned the penalty imposed under section 271D for availing cash loans from family members, emphasizing that transactions between family members may not necessarily attract penalties under the Income Tax Act. The tribunal considered the familial relationships and legal precedents in reaching its decision, finding no reasonable cause to sustain the penalty and allowing the appellant's appeal. en-us Wed, 27 Nov 2019 00:00:00 +0530 Thu, 26 Jan 2023 17:55:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306390 The appellate tribunal overturned the penalty imposed under section 271D for availing cash loans from family members, emphasizing that transactions between family members may not necessarily attract penalties under the Income Tax Act. The tribunal considered the familial relationships and legal precedents in reaching its decision, finding no reasonable cause to sustain the penalty and allowing the appellant's appeal. Case-Laws Income Tax Wed, 27 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306390