Smt Deepika, Bangalore vs. Additional Commissioner of Income Tax Range-5, Bangalore
In the result, appeal by the Assessee is allowed
ITA 561/BANG/2017[2010-11]Status: DisposedITAT Bangalore13 Oct 2017AY 2010-11
Bench: Shri N.V. Vasudevan & Shri Jason P Boazi.T. A. No.561/Bang/2017 (Assessment Year : 2010-11) Smt. Deepika, C/O M/S. T M Marketing (India), 12, Ground Floor, Tulsi Plaza, S.V. Lane, 3Rd Cross, Chickpet, Bangalore-560 053. …. Appellant. Vs. Addl. Commissioner Of Income Tax, Range 5, Bangalore. ….. Respondent. Appellant By : Shri Balram R Rao, Advocate. Respondent By : Smt. Padma Meenkashi, Jcit (D.R) Date Of Hearing : 11.10.2017. Date Of Pronouncement : 13.10.2017. O R D E R Per Shri N.V.Vasudevan, J.M. : This Is An Appeal By The Assessee Against The Order Dt.7.12.2015 Of Commissioner Of Income Tax (Appeals), Bangalore-2 For The Assessment Year 2010-11. 2. In This Appeal, The Assessee Has Challenged The Order Of The Cit (Appeals) Whereby The Cit (Appeals) Confirmed The Order Of The Assessing Officer Imposing Penalty On The Assessee Under Section 271D Of The Income Tax Act, 1961 (In Short 'The Act').
For Appellant: Shri Balram R Rao, AdvocateFor Respondent: Smt. Padma Meenkashi, JCIT (D.R)
Section 269SSection 271Section 271DSection 273B
…the Act as near relatives cannot be said to be “Other person” within the meaning of Sec.269SS of the Act. In any event in the circumstances of the case, there was reasonable cause for accepting loans in cash. 11. In the case of CIT v. Sunil Kumar Goel [2009] 315 ITR 163/183 Taxman 53 , the Hon'ble Punjab and Haryana High Court held as under : "A family transaction, between two independent assessees, based on an act of casualness, specially in a case where the disclosure thereof was contained in the compilation of accounts, and which had no tax effect, established 'reasonable cause' under section 273B of the Act.…
