This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
No Section 271D Penalty on Cash Loan between family members: ITAT Bangalore
Case Law Details
- Case Name
- Smt. Deepika Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Bangalore
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Smt. Deepika Vs ACIT (ITAT Bangalore)
In the case of Smt. Deepika vs. ACIT, the Income Tax Appellate Tribunal (ITAT) Bangalore dealt with the issue of a penalty imposed under Section 271D of the Income Tax Act for cash loans totaling ₹38.7 lakh received by the assessee during the Assessment Year 2010–11. The Assessing Officer imposed the penalty, citing a breach of Section 269SS, which prohibits accepting loans over ₹20,000 in cash. The assessee explained that the cash was taken from close relatives—her mother, a Hindu Undivided Family (HUF), and the Karta of the HUF in his individual ...
