https://www.taxtmi.com/caselaws?id=310882 The ITAT Kolkata allowed the appeal of the assessee, deleting the penalty imposed under section 271D for allegedly violating section 269SS of the Income-tax Act, 1961. The Tribunal found that the transactions in question were between family members and did not contravene the Act, citing precedents from the Gujarat HC and Madras HC. It concluded that there was a reasonable cause for the transactions, supported by an affidavit from a legal expert, and thus no violation occurred. The penalty was removed, and the appellant's case was upheld. Judgment was pronounced on 28.10.2011. en-us Fri, 28 Oct 2011 00:00:00 +0530 Thu, 23 Nov 2023 17:29:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310882 The ITAT Kolkata allowed the appeal of the assessee, deleting the penalty imposed under section 271D for allegedly violating section 269SS of the Income-tax Act, 1961. The Tribunal found that the transactions in question were between family members and did not contravene the Act, citing precedents from the Gujarat HC and Madras HC. It concluded that there was a reasonable cause for the transactions, supported by an affidavit from a legal expert, and thus no violation occurred. The penalty was removed, and the appellant's case was upheld. Judgment was pronounced on 28.10.2011. Case-Laws Income Tax Fri, 28 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310882