Section 269SS not applies to loan transaction between husband and wife

Nabil Javed Vs ITO (ITAT Delhi) Conclusion: Provisions of section 269SS was not applicable to the loan transaction between husband and wife because there was no relationship of the depositor or a creditor and no interest of parties were involved. Held: AO did not appreciate the fact that the provisions of section 269SS were not applicable on the loan transaction between husband and wife and levied penalty u/s. 271D on the impugned transaction. In the case of Tuhinara Begum Hoogly Vs. JCIT Range 2, Hoogly ITA No. 2256/Kol/2014 dated 04.10.2017 it was noted wife gave money to husband for constru...