Cash loan from father-in-law- ITAT deletes Section 271D Penalty

Shri Sanmathi Ambanna Vs JCIT (ITAT Bangalore) In penalty proceedings, the assessee, inter alia, submitted that the transactions in question cannot be strictly construed as loan but rather are in the nature of gifts from his father-in-law Shri. G. P. Padmakumar because of the fact that the person giving the money and the person accepting the money were close relatives; being members of the same family. Apart from this, it was also submitted that the transactions were genuine, were entered into due to the urgent exigencies of business and that the assessee was under the bonafide belief that the...