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2011 (11) TMI 796 - AT - Income TaxPenalty u/s 271D for violation of provisions of section 269SS - Held that:- We are of the view that the transaction between son in law and father in law for giving a support and help as contended by Ld. Counsel and not denied by revenue, in law was not a loan or deposit in stricter sense of section 269SS of the Act and it was only a financial support. Even it is not the allegation that the father in law of assessee has charged any interest on the above loan and hence, this is merely a financial support to son in law by his father in law. Once this is the position, the transaction does not fall in the ambit of section 269SS of the Act. Accordingly, these appeals of the assessee are allowed.
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