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TMI Blog2020 (7) TMI 392X X X X Extracts X X X X X X X X Extracts X X X X ..... to run his proprietorship business, the assessee had used this money and reflected it as loan from his son. A father using the money of his son cannot be termed as loan given by the son to the father/assessee. When the father needs money or son needs money, the money given between the family members cannot be termed as loan or advances even though for purpose of accounting it is shown as loan. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... This is an appeal filed by the assessee against the order of Ld. CIT(A)-10, Kolkata dated 21.08.2018 for AY 2013-14. 2. The sole ground involved in this appeal of assessee is against the action of the Ld. CIT(A) in confirming the penalty imposed of ₹ 1,55,000/- u/s. 271D of the Income-tax Act, 1961 (hereinafter referred to as the Act ) 3. None appeared for the assessee. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 10.07.2012 and another sum of ₹ 1,40,000/- on 31.03.2013, both in cash totaling to ₹ 1,55,000/- which is in contravention of section 269SS of the Act and since the assessee failed to offer any cogent ground or any exigency to accept cash loan from his son, he imposed penalty u/s. 271D of the Act for violation of the provisions of section 269SS of the Act and accordingly, imposed pena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee s son Shri Saurabh Agarwal has observed that from the ledger account of Shri Subhas Agarwal in the books of account of M/s. East India Mercantile Co., a proprietorship concern of the assessee it is seen that the assessee had received a sum of ₹ 15,000/- on 10.07.2012 and another sum of ₹ 1,40,000/- on 31.03.2013 both in cash. The explanation of the assessee was that his son w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en used by the father for tiding over urgent business requirement cannot be termed as loan/advance, so it cannot attract the penalty u/s. 271D of the Act, therefore, we direct deletion of the penalty as imposed by the Ld. JCIT and confirmed by the Ld. CIT(A). Therefore, appeal of assessee is allowed. 4. In the result, the appeal of assessee is allowed. Order is pronounced in the open court o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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