Cash Loan from Father’s Proprietary Concern does not attract S. 269SS and Penalty: ITAT [Read Order]

Cash Loan - Penalty - ITAT - taxscan

The Rajkot bench of the Income Tax Appellate Tribunal (ITAT) consisting of Shri Waseem Ahmed (Accountant Member) and Shri Siddhartha Nautiyal (Judicial Member) has held that the cash loan accepted from the proprietary concern of the father of the assessee cannot attract the provisions of section 269SS and the consequent penalty under section 271D of…

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