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2019 (10) TMI 283 - AT - Income TaxPenalty proceedings u/s 271D - violation of provisions of section 269SS - HELD THAT:- Similar issue was considered by the coordinate bench of ITAT,Jaipur bench in Smt. Kusum Dhamani.v. Additional Commissioner of Income-tax, Range-5, Jaipur, [2015 (4) TMI 144 - ITAT JAIPUR] and held that where assessee running a proprietorship concern, took cash loans from her husband carrying on another proprietorship business on account of business exigencies for making payments to labourers and lenders, there being no violation of provisions of section 269SS, impugned penalty order passed under section 271D was to be set aside. In the instant case, the assessee has taken a loan from his wife due to business expediency and the AO has not doubted the genuineness and the sources of the loan. Therefore, respectfully following the view taken by this Tribunal and the decision of coordinate Bench in the case of Smt. Kusum Dhamani [2015 (4) TMI 144 - ITAT JAIPUR] we hold that the penalty is not leviable in this case and accordingly, we set aside the orders of the lower authorities and delete the penalty. - Decided in favour of assessee.
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