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Cash received and subsequently routed through a bank by an assessee acting solely as a mediator in a property transaction between relatives was treated as neither a loan nor a deposit for the cash-acceptance restriction. The intermediary role, supported by documents and evidence, established reasonable cause and attracted statutory protection from penalty. Consequently, the penalty for accepting cash as a loan or deposit was deleted.
Cash received and subsequently routed through a bank by an assessee acting solely as a mediator in a property transaction between relatives was treated as neither a loan nor a deposit for the cash-acceptance restriction. The intermediary role, supported by documents and evidence, established reasonable cause and attracted statutory protection from penalty. Consequently, the penalty for accepting cash as a loan or deposit was deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
