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2011 (7) TMI 517 - BOMBAY HIGH COURTPenalty u/s 271D - Held that;- Since, the assessee with a view to purchase a house obtained loan totaling to Rs.25,22,000/- from the close relatives such as Father, Mother, Sister-in-law, Mother's Brother etc. In the affidavit filed by these relatives, it was stated that they had income from agricultural operations and that loan was advanced to the assessee out of the agricultural income received by them - The Tribunal considered that failure to accept such loans in violation of section 269SS of the Act constituted reasonable cause, therefore it was not a fit case for imposition of penalty under section 271D - appeal dismissed.
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