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2019 (5) TMI 1259 - AT - Income TaxPenalty u/s 271D - loan transaction took place between the assessee and her parents and brother - 'reasonable cause' under section 273 B - HELD THAT:- The Delhi Bench of the Tribunal in the case of Sunil Kumar Sood vs. Jt. CIT [2018 (6) TMI 1122 - ITAT DELHI] held that where the assessee has taken loan from his wife for the purchase of house which is for the benefit of the whole family, penalty levied u/s 271D of the Act is not justified. Various other decisions relied on by the assessee in the synopsis also supports her case wherein under identical circumstances where the assessees had received loans in cash from close family relations, penalty levied u/s 271D was deleted. Since the assessee, in the instant case, has received cash loan from her parents and brother to meet the stamp duty cost for purchase of a house property for her own living, therefore, that it is not a fit case for levy of penalty u/s 271D of the Act and the provisions of section 273B will come to the rescue of the assessee as a reasonable cause. therefore, set aside the order of the CIT(A) and direct the JCIT to delete the penalty. - Decided in favour of assessee.
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