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TMI Blog2019 (6) TMI 1055X X X X Extracts X X X X X X X X Extracts X X X X ..... ses as such no 'money' passed from firm to the assessee. ITAT Ahemdabad in the case of ACTT vs Gujarat Ambuja Proteins Ltd. [ 2003 (10) TMI 248 - ITAT AHMEDABAD-B] has held that where account of sister concern was credited by the assessee by journal entries on account of payment made by sister concern on behalf of the assessee, there was no no violation of the provisions of Section 269SS. The transaction between the assessee and sister concern M/s Ram Bilas Shiv Kumar was current account in nature and was not a loan or deposit and hence there is no violation of section 269SS as in the case of CIT vs ldhayam Publication Ltd. [ 2006 (1) TMI 97 - MADRAS HIGH COURT] . Copy of account of the assessee in the books of sister concer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s have been heard and record perused. In this case, penalty was levied U/s 271D of the Act by observing that the assessee has taken cash loan of ₹ 1,11,620/- from M/s Ram Bilas Shiv Kumar, Ajmer. By the impugned order, the ld. CIT(A) confirmed the penalty so imposed, against which the assessee is in further appeal before the ITAT. 3. I have heard the rival contentions and carefully gone through the orders of the authorities below. From the record, I found that there are two partners in M/s Rambilas Shiv Kumar Kumar viz Om Prakash Nyati and Ram Bilas Nyati. The assessee Subhash Chand Nyati is brother of Om Prakash Nyati and son of Ram Bilas Nyati. That the family is a joint family and both brothers and father are livin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ather), Om Prakash Nyati (brother) and Subhash Chand Nyati(assessee) and he has not taken any cash 'rom the firm except ₹ 10000/- which was too paid directly to Post Office on assessee's behalf for purchase of NSC. Copy of cash book of M/s Rambilas Shivkumar was also filed to show that household expenses have been equally debited to Rambilas Nyati (father), Om Prakash Nyati (brother) and Subhash Chand Nyati (assessee). 6. I also found that the copy of cash book of the relevant dates was also filed before the lower authorities indicating that it was only towards household expenses. Since the assessee is a small trader and not maintaining journal, he has entered the transaction in cash book. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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