No section 271D penalty on Cash amount received as Gifts from Aunt

ITO Vs Dr. M.N. Kumaresan (ITAT Chennai) Introduction: A recent decision by the Income Tax Appellate Tribunal (ITAT) Chennai in the case of “ITO vs. Dr. M.N. Kumaresan” for the Assessment Year 2013-14 has drawn attention to the classification of advances received by taxpayers. The key issue revolved around whether these advances should be considered as gifts or loans, which has significant implications for tax penalties under section 271D of the Income Tax Act. Detailed Analysis: The case pertains to an appeal by the Income Tax Department against a penalty levied by the Assessing O...