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2018 (1) TMI 796 - AT - Income TaxPenalty u/s 271D and 271E - money has been given by the assessee to his son/wife - Held that:- Assessee had accepted the loan in cash of ₹ 4,00,000/- from Shri Mithun Banik Mazumder, (son of the assessee) and repaid ₹ 1,50,000/-. Assessee repaid loan to his another son Sri Indranil Banik Mazumder at ₹ 2,25,098/- and also repaid loan to his wife Smt. Sandhya banik Mazumder at ₹ 54,928/. All these transactions are between husband and wife, and between father and son, being close relative of one family. We also note that assessee is a salaried employee and not a businessman. Therefore, based on the facts narrated above, these transactions do not fall within the ambit of sections 269SS and 269T of the Act. To support the family members, the money has been given by the assessee to his son/wife. This is simply a transfer of money from one family member to another family member to support day to day expenses, educational expenses and other family expenses. We are of the view that the transaction between son and father and wife and husband, for giving a support and help, in law, is not a loan or deposit in stricter sense of section 269SS of the Act and it is only a financial support, therefore, penalty imposed by the Assessing Officer and confirmed by the ld CIT(A) needs to be deleted under section 269SS and 269T - Decided in favour of assessee.
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