Income Tax : Learn about common irregularities in tax audit reports for AY 2023-24, including reporting gaps in Forms 3CA/3CB, SA 700, and sect...
Income Tax : Learn about Section 269SS, its cash transaction limits, penalties under Section 271D, exemptions, and important court rulings on t...
Income Tax : In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in r...
Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...
Income Tax : Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS,...
Income Tax : DON’T √ Accept cash of Rs. 2,00,000 or more in aggregate from a single person in a day or for one or more transactions r...
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/...
Income Tax : ITAT Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan...
Income Tax : ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the ...
Income Tax : ITAT Pune held that satisfaction note is required to be recorded u/s.153C for each assessment year, thus, recording of consolidate...
Income Tax : ITAT Jaipur held that reasons recorded for selecting case for scrutiny never mentioned that case was selected for limited scrutiny...
Income Tax : Assessee contended that there was no violation of provisions of sec.269T since the security deposits were obtained through banking...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the followin...
Fema / RBI : Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time,...
ITAT Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan repayment.
ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the same is revenue expenditure. Accordingly, PCIT classifying them to be capital expenditure is not sustainable.
ITAT Pune held that satisfaction note is required to be recorded u/s.153C for each assessment year, thus, recording of consolidated satisfaction note for different assessment years (AY) would vitiate the entire assessment proceedings.
ITAT Jaipur held that reasons recorded for selecting case for scrutiny never mentioned that case was selected for limited scrutiny hence approval for conversion not required. Matter remanded to CIT(A) to decide case based on merits.
Assessee contended that there was no violation of provisions of sec.269T since the security deposits were obtained through banking channels and were only adjusted towards the outstanding dues.
ITAT Amritsar held that there is no violation of provisions of section 269SS of the Income Tax Act when cash payment was made at one go before sub-registrar at the time of registration of sale deed. Accordingly, penalty under section 271D deleted.
ITAT Delhi quashes penalty under Section 271D as Section 153C assessment was declared void for lack of incriminating material, citing Supreme Court precedents.
Supreme Court rules on penalty under Section 271E of the Income Tax Act in CIT vs. Jai Laxmi Rice Mills. Find out how assessment order impacts penalty proceedings.
ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do not receive payments in their own right.
In the recent ruling Hon’ble HC have observed that penalty proceedings, initiated u/s 271 D is barred by delay & laches as period of limitation starts from the reference made by ITO to Addl. CIT.
