Sum received from husband with no intention to repay isn’t loan; no violation of Sec. 269SS: ITAT

INCOME TAX : Where assessee received substantial amount of cash from her husband which was used to purchase property for residence of family members, since amount was used for benefit of family not for business purpose and assessee provided reasonable explanation justifying cash transactions, no penalty could be levied under section 271D for voilation of section 269SS

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000317647/sum-received-from-husband-with-no-intention-to-repay-isn’t-loan-no-violation-of-sec-269ss-itat.aspx