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Temporary Cash Support for Student Visa Is Not a Loan Under Section 269SS: ITAT Chennai
Case Law Details
- Case Name
- Natarajan Sayikumar Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Chennai
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Natarajan Sayikumar Vs ITO (ITAT Chennai)
Chennai ITAT Deletes ₹64.60 Lakh Penalty U/s 271D; Temporary Cash Support to Show Visa Funds Is Not a Loan
The Chennai ITAT allowed the assessee’s appeal and deleted the penalty of ₹64,60,000 levied under Section 271D for alleged violation of Section 269SS. The assessee had deposited ₹64,60,000 in cash, explaining that the amounts were temporarily received from relatives and friends to demonstrate financial worth for obtaining a visa for his son’s higher education abroad and were returned shortly thereafter. During assessment proceedings unde...
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