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2011 (5) TMI 1073 - AT - Income TaxPenalty u/s 271D - Loans in excess of Prescibed limit - Reasonable Cause u/s 273B - Assessee received loans in cash in excess of Rs 20000 from relatives - HELD THAT:- We find that the assessee has received this loan in cash from relatives and transaction between relatives is not in the character of loans or deposit attracting the provisions of section 269SS. We are of the view that the loans from relatives are in the nature of financial support within the family and this is a reasonable cause falling u/s. 273B. Accordingly, we delete the penalty levied by JCIT - Decision in favour of Assessee
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