Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 211 - HC - Income TaxPenalty u/s 271D for violation of Section 269SS - ITAT deleted the penalty as assessee had taken the loan only from her father-in-law and the transaction was genuine - Held that:- In the light of the relationship between the assessee and her father-in-law, the Tribunal has rightly held that the genuineness of the transaction is not disputed, in which, the amount has been paid by the father-in-law for purchase of property and the source had also been disclosed during the assessment proceedings. If there was a genuine and bonafide transaction and the tax payer could not get a loan or deposit by account payee cheque or demand draft for some bona fide reason, the authority vested with the power to impose penalty has a discretion not to levy penalty. See Commissioner of Income Tax V. Lakshmi Trust Company [Commissioner of Income Tax V. Lakshmi Trust Company] - in favour of assessee.
|