Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1473 - ITAT AHMEDABADPenalty levied u/s 271E - assessee repaid loan in cash in aggregating was exceeding ₹ 20,000/-, the assessee contravened the provisions of Section 269T - Held that:- It is not clear as to how and from where the Jt. CIT has pickedup the date of 20/02/2010 on which the reported repayment of loan in violation of section 269T of the Act has taken place. The lady Smt. Pratixaben A. Joshi who is the wife of the appellant has filed an affidavit that the money in question was received by her from her father-in-law and the same was given to the appellant/husband for the on-going construction of the house. Though an affidavit which was filed by the Pratixaben A. Joshi is not on record but statement of ld. AR has been noted that this fact is correct. Clearly, the transaction between a wife and a husband who was staying together under the same roof is eligible for relaxation from the purview of repayment of loan etc. as provided in section 273B of the Act. Ld. Jt. CIT has not given any source of loan from where this so called loan was taken. Therefore, in our considered opinion this is not a fit case, where penalty should be levied - Decided in favour of assessee
|