Section 269SS not applies to loan transaction between husband and wife

Nabil Javed Vs ITO (ITAT Delhi)

Conclusion: Provisions of section 269SS was not applicable to the loan transaction between husband and wife because there was no relationship of the depositor or a creditor and no interest of parties were involved.

Held: AO did not appreciate the fact that the provisions of section 269SS were not applicable on the loan transaction between husband and wife and levied penalty u/s. 271D on the impugned transaction. IPlease become a Premium member. If you are already a Premium member, login here to access the full content.