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| The Tax Publishers2019 TaxPub(DT) 6609 (Ctk-Trib) : (2020) 077 ITR (Trib) 0192 INCOME TAX ACT, 1961
Section 271D
Receiving cash from relatives and family members by the assessee under medical emergency, was simply a transaction of transfer of money from one family member to another family member to support him during medical emergency period and such transaction could not be treated as loan or advance and transaction falling within the ambit of section 269SS attracting penalty under section 271D.
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Penalty under section 271D - Receipt of loan or advance in contravention of section 269SS - Leviability - Transaction between family members for giving support during medical emergency period
Assessee received a sum of Rs. 14 lakhs from his father. AO treated the same as loan received contravention of section 269SS and accordingly levied penalty under section 271D. Assessee submitted that amount was received for meeting unprecedented medical emergency expenses.Held: Receiving cash from relatives and family members by the assessee under medical emergency, was simply a transaction of transfer of money from one family member to another family member to support him during medical emergency period and such transaction could not be treated as loan or advance and transaction falling within the ambit of section 269SS attracting penalty under section 271D.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14
INCOME TAX ACT, 1961
Section 271D
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