Section 269SS not applicable on Cash Loan Taken from Brother & Mother

Hitesh Manshukhbahi Dave Vs JCIT (ITAT Rajkot)

Gujarat High Court in the case of Dr. Rajaram L. Akhaniv ITO [2017] 88 taxmann.com 693 (Gujarat) has held that where assessee had accepted a sum of Rs. 2 lakhs from his son to meet urgent requirement of depositing margin money in bank account for buying a vehicle for personal use, amount so received was neither a loan nor a deposit within meaning of section 269SS. The Delhi ITAT in the case of ACIT v Vardaa

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