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Cash Loan Penalties Not Applicable: Personal Transactions with Relatives Exempt from Sections 269SS and 269T Restrictions.

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Full Text of the Document

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....Penalty u/s 271D and penalty u/s 271E - Assessee for taking loan in cash and repaying the loan in cash - the moneys in question were received and repaid for personal transaction and there is no material to come to the conclusion that these were in relation to any business transactions - acceptance and repayment of cash for personal purpose between near relatives do not attract the provisions of sec.269AA and 269T. - AT....

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