Acceptance of cash from wife can't be construed as a loan or advance under sec. 269SS, doesn't attract penalty

September 4, 2015[2015] 60 taxmann.com 407 (Delhi - Trib.)/[2015] 38 ITR(T) 247 (Delhi - Trib.)/[2015] 168 TTJ 561 (Delhi - Trib.)

IT : Where there was no monetary transaction between assessee and creditor, rather by mere journal entry liability was created, it could not be said that loan or deposit accepted by assessee from creditor was in violation of section 269SS

IT : Where assessee had accepted loan by way of pay order, since after name of payee in pay order word 'only' was used, same became equivalent to account payee cheque being payable to person named; thus, penalty levied under section 271E was not justified

IT : Firm and partners are not two different persons, payment made by a partner to a firm will not partake of character of a loan or deposit, provisions of section 269SS will not be applicable

IT : Where acceptance of cash by husband from his wife cannot be construed as a loan or advance under section 269SS