SMT SAVITA S GONGADSHETT ,BAGALKOT vs. THE JOINT COMMISSIONER OF INCOME TAX VIJAYAPUR RANGE , VIJAYAPUR
In the result, the appeal filed by the assessee is allowed
ITA 116/BANG/2019[2014-15]Status: DisposedITAT Bangalore20 Jan 2020AY 2014-15
Bench: Shri B.R.Baskaran & Shri Pavan Kumar Gadaleita No.116(Bang)/2019 (Assessment Year : 2014-15) Smt.Savita S Gangadshetti, Gorbal Naka, At Ilkal, Tal. Hungund, Bagalkot Dist. Pan No.Aclpg6870B Appellant Vs The Joint Commissioner Of Income Tax, Vijayapur Range, Vijayapur. Respondent Appellant By : Shri B.S.Balachandran, Advocate Revenue By : Shri M. Vijaykumar, Addl.Cit
For Appellant: Shri B.S.Balachandran, AdvocateFor Respondent: Shri M. Vijaykumar, Addl.CIT
Section 269SSection 269TSection 271DSection 271E
capital account of the assessee. He further submitted that the tax authorities are not justified in treating these transactions as loan transactions. He further submitted that, even if it is considered as loan transactions, the penalty u/s 271E should not have been levied as the transactions entered between close relatives are considered to fall under reasonable cause. For this preposition
