SHRI KALPESH MAHIDAS MARADIA,RAJKOT vs. ADDL. C.I.T., RANGE-1(1) & 1(2), RAJKOT

In the result, the assessee’s appeal is allowed

section 271D was levied on ground that assessee had received loan of Rs. 70,000 in cash from his wife for investment in acquisition of immovable properties. Wife had given money to husband for prosperity of family only and there was no evidence that amount in question was taken for commercial use. Though revenue considered it loan, but there