9911796707
TMI Blog2021 (7) TMI 974X X X X Extracts X X X X X X X X Extracts X X X X ..... PER S. RIFAUR RAHMAN, A.M. This is an appeal filed by the assessee. The relevant assessment year is 2014-15. The appeal is directed against the order of the Commissioner of Income Tax (Appeals)-36, Mumbai [in short 'CIT(A)'] and arises out of the penalty levied u/s 271(1)(c) of the Income Tax Act 1961, (the 'Act'). 2. The brief facts of the case are, assessee filed e-return of income on 16.03.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan & the same has been given out of my love and affection towards her and to assist her for completing her postgraduation course. Loan amount was given in cash. Padmanabha Parnisappa Ijari Rs. 1,00,000/- I assisted my granddaughter for her medical studies in Cash. I gifted her Rs. One Lakh. Prajakta Khot Rs. 1,00,000/- The same is interest free loan given to her out of my love and affectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e attracted and as a consequence of penal provisions of section 271D are attracted. 3. Aggrieved with the above order, assessee preferred an appeal before us raising following ground of appeal : "The Joint Commissioner of Income Tax-24(3) has erred in levying penalty Rs. 5,50,000/- u/s 271D of the Income Tax Act, 1961 as the assessee failed to comply with the provisions of section 269SS of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to meet her higher education expenses. We notice that all these loans were taken from close relatives for the purpose of higher education. As held by the Hon'ble Madras High Court in CIT versus Balaji Traders that when there is an immediate need of money the person cannot get it immediately from a nationalized bank. To satisfy such immediate requirement of money a person normally approaches the m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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