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TMI Blog2019 (5) TMI 1214X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee arises out of the order of the Learned Commissioner of Income Tax (Appeals), Asansol [in short ld. CIT(A)] in Appeal No.36/CIT(A)/Asl/R-1/Asl/11-12 dated 29.04.2014 against the penalty order of JCIT, Range-1, Asansol [in short the ld AO] u/s 271D of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') on 27.05.2011 for the Assessment Year 2008-09. 2. The only issue to be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1D was levied in the sum of Rs. 2,00,000/- by JCIT, Range-1, Asansol. The assessee explained that the father had closed down his business and the cash available with his father was used by the assessee as he was in urgent need of money. The ld. A.O however observed that the father had bank account on his own and the said payment could have very well been made by account payee cheque or account pay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e us. 5. We have heard ld. DR. We find from the facts narrated above that assessee had given reasonable cause for availing loan in cash from his father within the meaning of section 271D of the Act. Hence, the assessee would be out of the rigours of the levy of penalty u/s 271D of the Act. We also find that the assessee had placed reliance on the decision of the Hon'ble Madras High Court in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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