Section 269SS not applies to Cash Transaction between Close Family Members for giving support & help

By Editor4 Income Tax Judiciary January 10, 2018 1 comment

Case Name: Sri Nikhil Banik Mazumder Vs. JCIT (ITAT Kolkata)
Appeal Number: Only available for paid members
Date of Judgement/Order: Only available for paid members
Related Assessment Year: 2010-11
Courts: All ITAT, ITAT Kolkata

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Advertisement 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 ab...

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