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2019 (6) TMI 396 - ITAT BANGALOREPenalty u/s 271D - default u/s 269SS - borrowings made in cash at each stage exceeds the permissible limit - transactions between family members - HELD THAT:- Tribunal has considered an identical issue in the case of Smt. Deepika vs. Addl CIT [2017 (10) TMI 1405 - ITAT BANGALORE] and held that the transactions between family members would not attract penalty u/s 271D In the instant case also, we have noticed that the assessee has taken loan from his father and paternal aunt, who are family members. We notice that the co-ordinate bench has followed the decision rendered in the case of Sunil Kumar Goel [2009 (3) TMI 131 - PUNJAB AND HARYANA HIGH COURT] wherein it has been held that the family transactions would fall within the meaning of “reasonable cause” u/s 273B of the Act. Hon’ble Madras High Court has cancelled the penalty in respect of loan transactions between father in law and daughter in law in the decision of M.Yesodha [2013 (2) TMI 211 - MADRAS HIGH COURT] - Decided in favour of assessee.
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