ITAT Ahmedabad Deletes U/s 271D & 271E Penalty; Cash Loans for Son’s Education Genuine, Reasonable Cause U/s 273B Proven

Neetaben Patel Vs ITO (ITAT Ahmedabad) Penalty U/s 271D & 271E Deleted – Cash Loans for Son’s Education Held Genuine – Reasonable Cause U/s 273B Established – ITAT Ahmedabad The assessee received and repaid cash loans exceeding prescribed limits from friends and relatives to arrange funds for bank loan sanction for her son’s overseas education. JCIT levied penalties u/s 271D & 271E for violation of ss.269SS & 269T, which were confirmed by CIT(A). ITAT observed that the assessee, a widow with agricultural background, had demonstrated genuineness of transactions...