9911796707
TMI Blog2011 (5) TMI 1073X X X X Extracts X X X X X X X X Extracts X X X X ..... This appeal by assessee is arising out of the order of CIT(A)-XXX, Kolkata in Appeal No. 27/CIT(A)-XXX/Ward-48(2)/2009-10 dated 27.05.2010. The assessment was framed by ITO, Ward-48(2), Kolkata u/s.143(3) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Year 2006-07 vide his order dated 15.12.2008. Penalty in dispute was levied by JCIT, Range-48, Kolkata u/s. 271D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of provisions of section 269SS for accepting cash exceeding Rs. 20,000/-. Assessing Officer referred the matter to JCIT, Range-48, Kolkata for levying penalty vide reference no.Wd.-48(2)/Kol/Penalty/AFFPA2941G/08- 09/1772 dated 27.2.09. The JCIT, Range 48, Kolkata levied the penalty for violation of provisions of section 269SS for receiving loan in cash in excess of Rs. 20,000/-. Accordingly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ully considered the submission of the appellant, the case laws relied upon by her and the penalty order. It has been stated by the appellant that both the persons, the appellant and her sister in law, namely Mrs. Gita Ben D Amin who had advanced loan of Rs. 1,90,000/- have savings bank account in Corporation Bank Howrah. Mrs. Gita Ben D Amin withdrew Rs. 1,90,000/- on 1-10-05 through self cheque f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve occurred due to ignorance of law is not at all convincing. It is also not convincing as to why the appellant would keep Rs. 1,10,000/- with her for around two month and finally deposited the loan amount to her bank account after a lapse of almost 2 months. Loan is usually taken when the person is in need of money. When the appellant has taken cash loan from her sister in law, then she would hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We find that the assessee has received this loan in cash from relatives and transaction between relatives is not in the character of loans or deposit attracting the provisions of section 269SS of the Act. We are of the view that the loans from relatives are in the nature of financial support within the family and this is a reasonable cause falling u/s. 273B of the Act. Accordingly, we delete the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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