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TMI Blog2011 (5) TMI 1073X X X X Extracts X X X X X X X X Extracts X X X X ..... Kol/2010 - - - Dated:- 24-5-2011 - Hon ble Sri Mahavir Singh, JM Hon ble Shri C. D. Rao, AM For the Appellant: Shri Subash Agarwal For the Respondent: Shri P. K. Mishra ORDER Per Mahavir Singh, JM 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 of the Act vide his order dated 13.04.2009. 2. The only issue in this appeal of the assessee is against the order of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sum of ₹ 1,90,000/- in cash, who is sister in law of the assessee. Further, assessee also received a sum of ₹ 90,000/- from Sri Narayan Bhai J Amin in cash, who is father in law of the assessee. We find that the assessee has received these cash loans from relatives, who had advanced cash after withdrawing from bank. This fact is narrated by the CIT(A) in his order, which reads as under: I have carefully 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 ₹ 1,90,000/- have savings bank account in Corporation Bank Howrah. Mrs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period of more than two months. The contention of the appellant that cash transactions in these two cases were because of ignorance of law is not acceptable. 5. We find from the above facts that the assessee had received loans in cash in excess of ₹ 20,000/- from relatives as narrated above. It is also a fact that both Smt. Gita Ben D. Amin and Shri Narayan Bhai J Amin had withdrawn the respective amounts from their saving bank accounts and after withdrawal from self cheque the same was advanced, no doubt it is after two months or three months but that does nt matter in the present case. 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 dep ..... X X X X Extracts X X X X X X X X Extracts X X X X
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