Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (10) TMI 1063 - ITAT JAIPURPenalty u/s 271E and 271D - receipt and repayment of loan in cash - contravention of provisions of section 269SS and 269T - A/R submitted that even the said sum taken by the assessee from his close relatives is exempt under section 56 of the Act - HELD THAT:- AO has not disputed the fact that the assessee has received these amounts from these agriculturists and also repaid the same to them in cash. The assessee has filed the affidavits of these three persons wherein they have affirmed on oath that they are not having any PAN or any bank account in their names. Once this fact of not having any PAN and bank account by these three close relatives of the assessee is not in dispute, then the receipt of the amount and repayment of the same in cash falls in the exception as the transaction cannot be completed through banking channel, as well as in the category of reasonable and bonafide explanation under section 273B When the three persons who are close family members of the assessee were not having any bank account in their names, then the provisions of section 271D and 271E cannot be attracted. - Decided in favour of assessee.
|