Dear Sir, The assessee had purchased a car costing Rs. 5,00,000/- only. He had taken a loan of Rs.2,00,000/- from bank, and the balance of Rs. 3,00,000/- was cash deposited into bank, which was raised out of past savings, and from family members and relatives. It is a joint family consisting of 8 members. The assessee, his wife and his daughter have a joint account. The assessee, his wife and son are earning members, and filing their return. Both son and daughter are unmarried, and living with their parents. Daughter had deposited an amount of Rs. 50,000/- out of her coaching income into joint account. The father & mother of the assessee are Govt. pensioners, and living with the assessee. The father of the assessee had sold his old car, and contributed Rs. 60,000/- for purchase of new car. The son had sold his old car, and contributed Rs. 80,000/- for purchase of new car. The proofs of the sale of old cars have been given to the A.O. Out of Rs. 3,00,000/- as mentioned above, Rs. 1,90,000/- had been contributed by three persons. The balance was the contribution of the assessee, his wife, mother, and two other relatives.
Now, A.O. says, why action u/s 269SS should not be intiated against the assessee, as there are three cash loans amounting to Rs. 1,90,000/- in total, and more than Rs. 20,000/- individually as prescribed u/s 269SS. If he initiates action u/s 269SS, then it will attract penalty proceedings u/s 271D, where the penalty is equal to the amount of such loan. Pls suggest a suitable reply, supported by case laws / citations to get out of this situation. Your prompt and urgent reply will be highly appreciated. Thanks in advance. KUMAR (DELHI). **************************************************** VirusFree, Spamfree, power packed email service. Mahanagar Telephone Nigam Limited **************************************************** --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Skorydov MyTaxAssistant Member Group" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/SkorydovMyTaxAssistant?hl=en -~----------~----~----~----~------~----~------~--~---
