Section 269SS not applies to Cash Transaction between Close Family Members for giving support & help
Case Law Details
Case Name : Sri Nikhil Banik Mazumder Vs. JCIT (ITAT Kolkata)
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Kolkata
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Sri Nikhil Banik Mazumder Vs. JCIT (ITAT Kolkata)
Assessee had accepted the loan in cash of Rs. 4,00,000/- from Shri Mithun Banik Mazumder, (son of the assessee) and repaid Rs. 1,50,000/-. Assessee repaid loan to his another son Sri Indranil Banik Mazumder at Rs. 2,25,098/- and also repaid loan to his wife Smt. Sandhya Banik Mazumder at Rs. 54,928/. All these transactions are between husband and wife, and between father and son, being close relative of one family.
We also note that assessee is a salaried employee and not a businessman. Therefore, based on the facts narrated above, these transa...
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