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TMI Blog2017 (10) TMI 1321X X X X Extracts X X X X X X X X Extracts X X X X ..... d being the karta/head of the family, it could not be said that the wife could not have any interest of her own in this house being constructed. The transaction was neither loan nor any gift as no 'interest' element was involved and there was no promise to return the amount with or without interest. By taking the liberal view and applying the golden rule of interpretation, the assessee had a reasonable cause within the meaning of section 273B. Therefore, the penalty should be deleted.- decided in favour of assessee. - ITA No.2256/Kol/2014 - - - Dated:- 4-10-2017 - Hon ble Shri N.V.Vasudevan, JM Shri M.Balaganesh, AM For the Appellant: Shri Saurabh Kumar, Addl. CIT(DR) For the Respondent: Shri S.M.Surana, Advocate OR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of loan which was received in cash attracting the provision of section 269SS of the act and consequent penalty u/s 271D of the Act . The AO and CIT(A) were of the view that there was no reasonable cause for acceptance of loan in cash contrary to the mandate u/s 269SS of the Act and therefore the assessee was liable to pay penalty equal to the amount of loan accepted in violation of the provision of section 269SS of the Act. 4. Aggrieved by the order of CIT(A) the assessee has preferred the present appeal before the Tribunal. 5. The ld. Counsel for the assessee submitted that if at all it can be said that the assessee received a loan from her husband. It was submitted by him that the transaction of loan between husband and wife does no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the depositor as per the intention of the Legislature. The communication/transaction between the husband and wife are protected from the legislation as long as they are not for commercial use. Otherwise, there would be a powerful tendency to disturb the peace of families. to promote domestic broils, and to weaken or to destroy the feeling of mutual confidence which is the most enduring solace of married life. In the instant case, the wife gave money to husband for construction of a house which was naturally a joint venture for the property of the family only. This transaction was not for commercial use. The amount directly received by the husband. i.e .. the assessee. was to the extent of ₹ 17.000 only and the balance amount of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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