Tag Archives: cash loan

No Penalty on Cash Received from Relatives : ITAT

By | March 5, 2022
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No Penalty on Cash Received from Relatives: ITAT ITAT Bangalore DCIT/ACIT Vs Shri Sanjay Shenoy  ITA Nos. 1220 & 1222/Bang/2016 27/10/2021 These are appeals filed by the Revenue against the common order dated 23/3/2016 of CIT(A)-1, Bengaluru relating to asst. years 2006-07 and 2008-09, insofar as it relates to imposition of penalty u/s 271D of… Read More »

No Penalty for Cash loan from parents and brother for purchasing House : ITAT

By | May 21, 2019
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The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that the cash loan received from the parents and brother of the assessee for the purchase of the house for the whole family cannot be penalized under Section 271D of the Income Tax Act. Penalty for Cash loan from parents and brother for… Read More »