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2017 (7) TMI 1331 - AT - Income TaxPenalty u/s 271D - assessee had obtained unsecured loan from his daughter - assessee has submitted that in this case the transaction is in between father and unmarried daughter and therefore, section 269SS has no application - HELD THAT:- The entire transaction was done in between Corporation bank and his daughter Smt. P. Shilpa and in turn, the amount was received by the assessee, is a genuine transaction, the Assessing Officer has also not doubted about the transaction. We find that when assessee is carrying business for himself and on behalf of his daughter who was not yet married. For the purpose of business, assessee’s daughter obtained loan, for which assessee stood guarantor. The loan amount was received by the assessee through her daughter. It is also a fact that assessee has not paid any interest to his daughter. This transaction is only in between father and his unmarried daughter. Therefore, in our opinion, section 269SS has no application to the facts of the present case. - Decided against revenue
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