Section 269T

Cash Receipt!! Is it really a Receipt??

Income Tax - Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash....

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Acceptance / Repayment of Loan in Cash- Section 269SS/ 269T

Income Tax - The provision of 269SS and 269T has been enacted in order to prevent the increase in black money and to stop tax evasion. It ensures that the taxpayer does not give any false explanation for his unaccounted money. ...

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Consequences of Cash Transaction in Properties- Need to educate

Income Tax - In order to curb the black money by way of dealings in cash in immovable property transactions, sections 269 SS & T were amended (in the last budget itself) with effect from 01.06.2015 to the effect that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise in relation to transfer ...

Read More

No penalty u/s 271D on cash loan taken more than Rs. 20,000 if it is routed through Bank

Income Tax - In a landmark judgement of Hon’ble Allahabad High Court in the case of CIT- V. Smt. Dimpal Yadav, it was held that where even through assesee had taken a loan in cash, since loan was routed through bank account of the assessee for the payment to Government for converting land into free ...

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Loans or Deposits under Sec 269SS of Income Tax Act, 1961

Income Tax - No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000. This provision has come into force to counteract the evasion of tax by mode of acceptance of money in certain cases. The objective is to prevent tran...

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SIT report: Restrict Cash Transaction/Holding to curb black money

Income Tax - It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/– (Rupees Three Lacs) shall be invalid & illegal and would be a punishable offence, if amount is not paid by account payee cheque or account payee bank draft or use of electronic clearing system through a ban...

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Time limit for issue of penalty proceeding on issues unrelated to income assessment

Principal Commissioner of Income Tax (Central)-2 Vs Mahesh Wood Products Pvt. Ltd. (Delhi High Court) - Penalty proceedings initiated U/s 275 on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date on which the AO wrote a letter to the ACIT recommending the issuance of the SCN....

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Limitation period U/s. 275(1)(c) not applies to penalty proceeding U/s. 271D & 271E

CIT Vs Hissaria Brothers (Supreme Court of India) - Penalty proceedings for default in not having transactions through the bank as required under Sections 269SS and 269T are not related to the assessment proceeding but are independent of it....

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Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai) - ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

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No Penalty on Return of loan by cash to sister concern under a bonafide belief

Global Realty Heritage Venture (Cochin) (P.) Ltd., Vs Addl. CIT (ITAT Delhi) - Global Realty Heritage Venture (Cochin) (P.) Ltd., vs Addl. CIT (ITAT Delhi) In the absence of any such evidence the plea of bonafide belief in the peculiar circumstances cannot be discarded. It is seen that the assessee has consistently canvassed that there was a bonafide belief that the amount tak...

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No penalty u/s 271D on cash loan taken more than Rs. 20,000 if it is routed through Bank

CIT-II, Agra Vs Smt. Dimpal Yadav (Allahabad High Court) - In a landmark judgement of Hon’ble Allahabad High Court in the case of CIT- V. Smt. Dimpal Yadav, it was held that where even through assesee had taken a loan in cash, since loan was routed through bank account of the assessee for the payment to Government for converting land into free ...

Read More

Section 269SS and 269T applicable to NBFC: RBI

DNBR (PD) CC.No.086/03.10.001/2016-17-RBI - (09/03/2017) - Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand....

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Recent Posts in "Section 269T"

Time limit for issue of penalty proceeding on issues unrelated to income assessment

Principal Commissioner of Income Tax (Central)-2 Vs Mahesh Wood Products Pvt. Ltd. (Delhi High Court)

Penalty proceedings initiated U/s 275 on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date on which the AO wrote a letter to the ACIT recommending the issuance of the SCN....

Read More

Section 269SS and 269T applicable to NBFC: RBI

DNBR (PD) CC.No.086/03.10.001/2016-17-RBI (09/03/2017)

Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand....

Read More

Limitation period U/s. 275(1)(c) not applies to penalty proceeding U/s. 271D & 271E

CIT Vs Hissaria Brothers (Supreme Court of India)

Penalty proceedings for default in not having transactions through the bank as required under Sections 269SS and 269T are not related to the assessment proceeding but are independent of it....

Read More

Cash Receipt!! Is it really a Receipt??

Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash....

Read More
Posted Under: Income Tax | ,

Acceptance / Repayment of Loan in Cash- Section 269SS/ 269T

The provision of 269SS and 269T has been enacted in order to prevent the increase in black money and to stop tax evasion. It ensures that the taxpayer does not give any false explanation for his unaccounted money. ...

Read More
Posted Under: Income Tax | ,

SIT report: Restrict Cash Transaction/Holding to curb black money

It is suggested that there should be a positive provision under the I.T. Act that any transaction involving more than Rs.3,00,000/– (Rupees Three Lacs) shall be invalid & illegal and would be a punishable offence, if amount is not paid by account payee cheque or account payee bank draft or use of electronic clearing system through a ban...

Read More
Posted Under: Income Tax |

Consequences of Cash Transaction in Properties- Need to educate

In order to curb the black money by way of dealings in cash in immovable property transactions, sections 269 SS & T were amended (in the last budget itself) with effect from 01.06.2015 to the effect that no person shall accept from any person any loan or deposit or any sum of money, whether as advance or otherwise in relation to transfer ...

Read More
Posted Under: Income Tax |

Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai)

ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

Read More

No Penalty on Return of loan by cash to sister concern under a bonafide belief

Global Realty Heritage Venture (Cochin) (P.) Ltd., Vs Addl. CIT (ITAT Delhi)

Global Realty Heritage Venture (Cochin) (P.) Ltd., vs Addl. CIT (ITAT Delhi) In the absence of any such evidence the plea of bonafide belief in the peculiar circumstances cannot be discarded. It is seen that the assessee has consistently canvassed that there was a bonafide belief that the amount taken...

Read More

No penalty u/s 271D on cash loan taken more than Rs. 20,000 if it is routed through Bank

CIT-II, Agra Vs Smt. Dimpal Yadav (Allahabad High Court)

In a landmark judgement of Hon’ble Allahabad High Court in the case of CIT- V. Smt. Dimpal Yadav, it was held that where even through assesee had taken a loan in cash, since loan was routed through bank account of the assessee for the payment to Government for converting land into free ...

Read More
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