https://www.taxtmi.com/caselaws?id=449638 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271D of the Income Tax Act, 1961. The assessee had accepted a cash loan from his son, claiming it was necessary to meet urgent business needs. The Tribunal found the transaction genuine and accounted for in both parties' books, establishing a reasonable cause for the cash loan. Consequently, the penalty was vacated, with the decision pronounced on 14th February 2024. en-us Wed, 14 Feb 2024 00:00:00 +0530 Fri, 16 Feb 2024 09:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449638 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271D of the Income Tax Act, 1961. The assessee had accepted a cash loan from his son, claiming it was necessary to meet urgent business needs. The Tribunal found the transaction genuine and accounted for in both parties' books, establishing a reasonable cause for the cash loan. Consequently, the penalty was vacated, with the decision pronounced on 14th February 2024. Case-Laws Income Tax Wed, 14 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449638