Kanhiaya Lal Sain, Jaipur vs. JCIT Range-7 Jaipur, Jaipur
In the result, the Appeals of the appellant stands allowed with no orders as to costs
ITA 1022/JPR/2024[2010-11]Status: DisposedITAT Jaipur25 Sept 2024AY 2010-11
Bench: SHRI SANDEEP GOSAIN (Judicial Member)
For Appellant: Shri Shrawan Kumar Gupta, AdvFor Respondent: Mrs. Monisha Choudhary, Addl. CIT-DR
Section 271Section 271DSection 271E
…s gift (the ld. AO has wrongly taken the unsecured loan) between the son and father also not covered u/s 269T & 269SS. Hence under the facts and circumstances of the case there was no contravention at all. In the case of CIT v/s Lokhpat Film Exchange (Cinema) 212 CTR 371 (Raj.) assessee firm acting under bonafide belief that transaction with the partner did not attract the provisions of S. 269 SS & 269TT such bonafide belief constitute reasonable cause, Thus, there did exist a reasonable cause in terms of S. 273 B. Ld. Add. CIT confined herself to S.269T only and has not at all adverted to this Section. The Honbl…
