https://www.taxtmi.com/caselaws?id=756210 ITAT Chennai ruled in favor of the assessee regarding penalty under section 271D for alleged violation of section 269SS. The assessee received cash as gift from father-in-law for property purchase. CIT(A) upheld the penalty, rejecting the gift claim. However, ITAT relied on precedent from Mani Sundaram case and Madras HC decision in Nanda Kumari, establishing that no section 271D penalty applies when cash is obtained from family members as gift. The penalty was deleted. en-us Fri, 26 Jul 2024 00:00:00 +0530 Mon, 29 Jul 2024 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756210 ITAT Chennai ruled in favor of the assessee regarding penalty under section 271D for alleged violation of section 269SS. The assessee received cash as gift from father-in-law for property purchase. CIT(A) upheld the penalty, rejecting the gift claim. However, ITAT relied on precedent from Mani Sundaram case and Madras HC decision in Nanda Kumari, establishing that no section 271D penalty applies when cash is obtained from family members as gift. The penalty was deleted. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756210