Opinion: Wives Can Get and Forget Cash Loans
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- Last Updated on 12 November, 2021
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Meenakshi Subramaniam – [2021] 132 taxmann.com 81 (Article)
In India, a husband lovingly gave loan to wife, in the fond hope that he would never recover it. But, the income tax department put an end to the lovey-dovey business. With weird humour, it demanded penalty, equal to the loan amount, from the taxpayer.
In an exciting judgement, the Jaipur Tribunal ruled that where assessee received loan from her husband no penalty could be levied under section 271D for violation of section 269SS of Income-tax Act.
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