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Transfer of loan through journal entry is not violation of sec 269
Case Law Details
- Case Name
- ITO Vs Sh. Dinesh Jain (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2009- 10
- Courts
- All ITAT, ITAT Delhi
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CA Prarthana Jalan
Hon’ble Delhi ITAT in the case of Dinesh Jain has held that Penalty u/s. 271E is leviable if a person repays any loan, otherwise, than in accordance with provisions of section 269T. As per section 269T no person shall repay the loan otherwise, than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan. Now in this case admittedly the assessee has transferred the loan by way of journal entry to his wife. Therefore, the question is whether there is violation of section 269T so as to penalise the assessee as requir...
Author Info
it is a ITAT case, not of High Court
This is ITAT case not Delhi HC, please rectify the authority name in summary.
Dear Sir, (CA Prarthana Jalan)
I am a regular reader of Taxguru. Especially read your articles are presented very nice. Thank you very much for taxguru and you for the updates.
I would like to know whether this judgment (i.e. ITO Vs. Sh. Dinesh Jain, ITA No. 3794/Del/2013, Date of order: 16-05- 2014) pronounced by ITAT, Delhi Bench or by Hon’ble Delhi High court.
I understand that the said judgment pronounced by ITAT, Delhi Bench.
Kindly clarify.
J.Janarthanan