No Penalty for Cash loan received from father for reasonable cause

Ashok Kumar Bagaria Vs JCIT (ITAT Kolkata) Assessee has stated that he had to make certain payment to M/s Vishal Paper Mills (P) Ltd. as investment and that his father was seriously ill and was not in a position to sign the cheque. Since the father, on closing down of his business, had sufficient cash of his own which was left at the custody of the son for safety purposes, the said cash was utilized by the assessee to meet his urgent business commitment. From the facts narrated above that assessee had given reasonable cause for availing loan in cash from his father within the meaning of sectio...