No penalty for Acceptance and repayment of cash for personal purpose between near relatives

DCIT/ACIT Vs Shri Sanjay Shenoy (ITAT Bangalore) The material in record clearly goes to show that the assessee as well as Dr. P Dayananda Pai who were admittedly nephew and uncle and confirmed that the loans were personal loans to enable the assessee to purchase a flat. The source of cash has also been explained by Dr. P Dayananda Pai in his letter addressed to the AO dated 21/2/2013. The facts as asserted by the assessee and supported by Dr. P Dayananda Pai have not been controverted with any material by the Revenue. In the circumstance, we concur with the view of the CIT(A) that the moneys i...