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2019 (4) TMI 1528 - AT - Income TaxPenalty u/s 271D - Default u/s 269SS - HELD THAT:- Manisha Prakash Amin –vs.- JCIT [2011 (5) TMI 1073 - ITAT KOLKATA] wherein it was held that the transactions between relatives involving receipt of loan in cash are not in the nature of loans or deposits as envisaged in section 269SS of the Act and the penalty imposed under section 271D was accordingly cancelled As relying on ANANT HIMATSINGKA VERSUS ADDL. COMMISSIONER OF INCOME-TAX, KOLKATA. [2011 (11) TMI 796 - ITAT KOLKATA] held that the loan transaction between son-in law and father-in-law for giving a support and help was not a loan or deposit in stricter sense of section 269SS of the Act and the same having been given only as a financial support, the relevant transaction did not fall in the ambit of section 269SS of the Act. In our opinion, the ratio of these decisions of the Coordinate Bench of this Tribunal is squarely applicable in the present case, where the loans in question were received by the assessee in cash from her daughter and son-in-law and applying the same, we hold that the penalty imposed by the Assessing Officer under section 271D and confirmed by the CIT(Appeals) is not sustainable. We accordingly cancel the said penalty and allow the appeal of the assessee.
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