Section 269SS not attracted to Cash receipt from father’s proprietary firm

Kalpesh Mahidas Maradia Vs Add. CIT (ITAT Rajkot) as the impugned amount received by the assessee from his father’s proprietary firm is concerned, we note that the Gujarat High Court in the case of Dr. Rajaram L. Akhani v ITO [2017] 88 taxmann.com 693 (Gujarat) has held that where assessee had accepted a sum of Rs. 2 lakhs from his son to meet urgent requirement of depositing margin money in bank account for buying a vehicle for personal use, amount so received was neither a loan nor a deposit within meaning of section 269SS. The Delhi ITAT in the case of ACIT v Vardaan Fashion [2015] 60 tax...