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2014 (7) TMI 38 - HC - Income TaxApplicability of section 269T of the Act - Mode of repayment of certain loans or deposits – Held that:- CIT(A) as well as the Tribunal found that the explanation of the Assessee was that the loan was repaid in cash as the father of Amrutpal Singh Sandhu was not well and the amount was required for illness - This explanation was found to be lacking in bona fides - the loan has been repaid in cash and which loan is to the extent indicated in Section 269T – The object and purpose of section 269T is to encourage the loans being repaid and of huge amounts by account payee cheque or by bank draft - thus, no substantial question of law arises for consideration – Decided against Assessee.
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