2019 (3) TMI 1582

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....Accountant Member: This is an appeal by the assessee directed against order of learned CIT(A)- 26, Mumbai, dated 09.01.2017 and pertains to assessment year 2009-10. 2. The grounds of appeal read as under: On the facts and in the circumstances of the case - 1. The Ld. Commissioner of Income tax (Appeals) erred in upholding the penalty of Rs. 4,00,000/- levied under section 2....

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.... of the assessee, submitted that the concern from which loan was taken is a Company in which assessee is a Director and Shareholder. He submitted that the other Shareholder in the Company is the assessee's wife. He further, claimed that on different occasions to meet urgent business needs assessee took cash loans. Learned counsel submitted that assessee was under a bona fide belief that such l....