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section 269SS

Latest Articles


Commonly Found Irregularities In Tax Audit Report

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...

December 13, 2024 31215 Views 0 comment Print

Section 269SS: Cash Transaction Rules, Penalties, Exemptions & Case Laws

Income Tax : Learn about Section 269SS, its cash transaction limits, penalties under Section 271D, exemptions, and important court rulings on t...

September 12, 2024 3219 Views 0 comment Print

Various Threshold Limits under Income Tax Act

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...

September 6, 2024 364250 Views 44 comments Print

Summary of Section 269SS, 269ST and 269T & reporting in Tax Audit Form 3CD

Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...

August 26, 2024 3546 Views 0 comment Print

FAQs on Disallowance of cash expenses or limit on cash transactions

Income Tax : Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS,...

August 24, 2024 1854 Views 0 comment Print


Latest News


Clean Transactions, Cleaner Economy, Go Cashless, Go Clean

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...

March 1, 2019 1554 Views 0 comment Print

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/...

July 14, 2016 23911 Views 0 comment Print


Latest Judiciary


Section 271E penalty cannot survive if underlying assessment order annulled: SC

Income Tax : Supreme Court rules on penalty under Section 271E of the Income Tax Act in CIT vs. Jai Laxmi Rice Mills. Find out how assessment o...

February 14, 2025 342 Views 0 comment Print

Section 269SS Not Applicable to Broker Acting as Agent or Facilitator of Payment

Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...

February 11, 2025 5475 Views 0 comment Print

Section 271D Penalty: Limitation Period Commences from ITO’s Reference to Addl. CIT, Rules HC

Income Tax : In the recent ruling Hon'ble HC have observed that penalty proceedings, initiated u/s 271 D is barred by delay & laches as period ...

February 10, 2025 480 Views 0 comment Print

Section 271D Penalty Proceedings Begin with AO’s Reference: Delhi HC Clarifies Limitation Start

Income Tax : Limitation period for Section 271DA penalty should be counted from the date of the assessment order and delay in making the refere...

February 9, 2025 579 Views 0 comment Print

Assessee could not apply under rule 46A- ITAT remands matter back to Addl./Jt. CIT(A)

Income Tax : In the abovementioned matter ITAT remanded the matter to AO after observing that assessee failed to apply under rule 46 A (Additio...

January 23, 2025 219 Views 0 comment Print


Latest Notifications


CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...

January 29, 2020 13371 Views 0 comment Print

CBDT amends form 3CD to revise reporting U/s. 269SS & 269T

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...

July 3, 2017 130170 Views 9 comments Print

Section 269SS and 269T applicable to NBFC: RBI

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,...

March 9, 2017 20718 Views 0 comment Print


Latest Posts in section 269SS

Section 271E penalty cannot survive if underlying assessment order annulled: SC

February 14, 2025 342 Views 0 comment Print

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.

Section 269SS Not Applicable to Broker Acting as Agent or Facilitator of Payment

February 11, 2025 5475 Views 0 comment Print

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.

Section 271D Penalty: Limitation Period Commences from ITO’s Reference to Addl. CIT, Rules HC

February 10, 2025 480 Views 0 comment Print

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.

Section 271D Penalty Proceedings Begin with AO’s Reference: Delhi HC Clarifies Limitation Start

February 9, 2025 579 Views 0 comment Print

Limitation period for Section 271DA penalty should be counted from the date of the assessment order and delay in making the reference could not extend the limitation period

Assessee could not apply under rule 46A- ITAT remands matter back to Addl./Jt. CIT(A)

January 23, 2025 219 Views 0 comment Print

In the abovementioned matter ITAT remanded the matter to AO after observing that assessee failed to apply under rule 46 A (Additional Evidence) of the IT Rules.

Section 269SS non-compliance due to bonafide belief: Section 271D Penalty deleted

January 21, 2025 585 Views 0 comment Print

ITAT Bangalore held that penalty under section 271D of the Income Tax Act not imposable for acceptance of cash on transfer of agricultural land as non-compliance with section 269SS of the Income Tax Act was due to bonafide belief.

Denial of Personal Hearing: ITAT Remands Case to CIT(A) for Fresh Adjudication

December 29, 2024 330 Views 0 comment Print

ITAT Delhi remands appeal to CIT(A) for fresh adjudication due to denial of personal hearing in Kumar Kanti Das Vs ACIT case for AY 2017-18.

Penalty u/s. 271E in absence of any repayment of loan not leviable: ITAT Kolkata

December 26, 2024 288 Views 0 comment Print

ITAT Kolkata held the penalty under section 271E of the Income Tax Act not leviable since in the present case there was no repayment of loan received from the members but it was loan disbursed to members. Accordingly, revenue appeal dismissed.

Commonly Found Irregularities In Tax Audit Report

December 13, 2024 31215 Views 0 comment Print

Learn about common irregularities in tax audit reports for AY 2023-24, including reporting gaps in Forms 3CA/3CB, SA 700, and sections 40A, 269SS, and 269T.

Penalty u/s. 271D set aside as claim made in an open and bonafide manner: ITAT Bangalore

November 7, 2024 537 Views 0 comment Print

ITAT Bangalore held that penalty under section 271D of the Income Tax Act not leviable in terms of section 273B of the Income Tax Act since claim of exemption u/s. 54 is made in an open and bonafide manner.

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