Hiii Freinds
one of my client had taken a loan from his wife in cash Rs. 5,00,000,his wife has only agriculture income bt he is earning both agricuture as well as non agriculture income.
my query is that should he is imposible for penalty u/s 269SS/ 269T ?
is there any provision that loan given to related party,loan is accounted in books and loan taker use it for buying personal assets then no penalty ?
his wife has no books of accounts bt he himself accounted dis loan in his books,he used the money for buying a plot.
matters are pending in scrutiny ....plz help me frnds asap
Thanks in advance
CAclubindia
