https://www.taxtmi.com/caselaws?id=57301 The Tribunal ruled in favor of the assessee, concluding that the penalty imposed under Section 271D of the Income Tax Act was unjustified. It held that the transaction between the assessee and his wife did not constitute a loan or deposit under Section 269SS. The Tribunal accepted that there was a reasonable cause for the failure to comply with the provisions, as the transaction was genuine and ultimately used for the purchase of land. Therefore, the penalty was deleted, and the appeal was allowed. en-us Fri, 25 Jan 2002 00:00:00 +0530 Wed, 22 Feb 2012 16:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57301 The Tribunal ruled in favor of the assessee, concluding that the penalty imposed under Section 271D of the Income Tax Act was unjustified. It held that the transaction between the assessee and his wife did not constitute a loan or deposit under Section 269SS. The Tribunal accepted that there was a reasonable cause for the failure to comply with the provisions, as the transaction was genuine and ultimately used for the purchase of land. Therefore, the penalty was deleted, and the appeal was allowed. Case-Laws Income Tax Fri, 25 Jan 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57301