Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (4) TMI 378 - ITAT MUMBAILevy of penalty u/s 271D - cash loan received from mother in violation of provision of Section 269SS - HELD THAT:- We noted that the assessee has received cash loan from mother of the assessee - It was claimed by the assessee that this is a temporary advances by the mother to her son as per her own finance without there any business necessity for accepting the loans or advances from any one for the business of the assessee. We noted that this advance or loan of ₹ 3 lacs in cash is between blood relations i.e. mother and son. The mother has given this loan of ₹ 3 lacs to her son. As relying on SMT. M. YESODHA [2013 (2) TMI 211 - MADRAS HIGH COURT] we delete the penalty and allow the appeal of the assessee.
|