section 269SS

All about Cash receipt exceeding Rs 2,00,000 under Income Tax Act

Income Tax - There are various provision inserted via Finances Act to put a limit on Cash Transaction for a check on Black Money and Tax Theft, below are the following provision applicable to Assesses (Liable for Audit u/s 44 AB of the Act) SECTION 269ST PROVISION OF SECTION 269ST: No person shall receive an amount of two lakh rupees or more— [&...

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Reportable / Cash Transactions and TCS – Limit and Penalty

Income Tax - Article covers Cash Transactions provisions (Section 269SS, 269T, 269ST, 43), Reportable Transaction provisions (Section 285BA, Rule 114E) and Transaction on which Tax has to be collected at Source (TCS) (Section 206C)...

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Brief Study of Section 269SS, 269T, 68 and 69 of Income Tax Act,1961

Income Tax - There are very few things in this world which are both Legal & Lethal. TAX is one of them. If tax provisions are not understood properly or tax is not paid in proper time, it is enough to give you hypertension. Moreover it is important to know what are the sections that affect your daily transactions and how these transactions are dealt w...

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Section 269SS & 269T of Income Tax Act,1961

Income Tax - Section 269SS and 269T of Income Tax Act,1961 been explained in the Article. Section 269SS and 269T deals with restrictions on taking Cash Loan of Rs. 20000 of more than and its repayment in cash....

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Income Tax – Provisions of Section 269SS and Section 269T

Income Tax - Provisions regulating mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269SS and 269T of Income Tax Act 1961....

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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 relating to one event or occasion. √ Receive or repay Rs.  20,000 or more in cash for transfer of Immovable Property. √ Pay more than Rs.  10,000 in cash relating to […]...

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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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No penalty u/s 271D for advance received from promoters in cash through Current A/cs

M/s. Space N Place Promoters P. Ltd. Vs. JCIT (ITAT Chennai) -  Penalty u/s 271D could not be imposed on assessee for advances against sale of flats and cash receipts received from the promoters through their respective current accounts as nothing had been brought on record by Revenue to show that the receipts were superfluous in nature and not for the busines...

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ITAT deletes penalty on Cash loan taken from unorganized finance sector to repay lenders

M/s. P.R. Associates Vs ACIT (ITAT Pune) - M/s. P.R. Associates Vs ACIT (ITAT Pune) We find that the assessee specifically submitted before the AO during the course of penalty proceedings, which fact has also been captured in the penalty order, that its business was inoperative for the last 7 years and it had already borrowed loans from Shre...

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Cash Loan- Penalty justified on failure to establish Business exigency or urgency 

M. Sougoumarin Vs ACIT (Madras High Court) - M. Sougoumarin Vs ACIT (Madras High Court) High Court held that there was no such reason for regular loan transactions of borrowing and repayment in cash of amounts exceeding Rs.20,000/- so as to escape penal liability under Sections 271E and 271D of the IT Act. FULL TEXT OF THE HIGH COURT ORDER / J...

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Capital contribution by partner in cash- No violation of section 269SS

ITO Vs Dayamayee Marble & Granite (ITAT kolkata) - Where assessee received capital from the partner in cash, it did not tentamount to loan or deposit and therefore, penalty under section 271D was not to be levied for violation of section 269SS....

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Penalty not leviable for cash loan taken/paid to comply re-settlement scheme of BIFR

Monarch Dyestuff Industries And Exports Ltd. Vs JCIT (ITAT Ahemdabad) - Assessee was not liable for penalty under section 271D and 271E for availing cash loans/deposits in violation of section 269SS and 269T as it had availed the facility in order to re-establish itself, and for fulfilment of promises given for the purpose of BIFR which was a reasonable cause foe not le...

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

Notification No. 58/2017-Income Tax [G.S.R. 821(E)] - (03/07/2017) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely: 31. (a) Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previ...

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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 269SS"

No penalty u/s 271D for advance received from promoters in cash through Current A/cs

M/s. Space N Place Promoters P. Ltd. Vs. JCIT (ITAT Chennai)

 Penalty u/s 271D could not be imposed on assessee for advances against sale of flats and cash receipts received from the promoters through their respective current accounts as nothing had been brought on record by Revenue to show that the receipts were superfluous in nature and not for the business of assessee....

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ITAT deletes penalty on Cash loan taken from unorganized finance sector to repay lenders

M/s. P.R. Associates Vs ACIT (ITAT Pune)

M/s. P.R. Associates Vs ACIT (ITAT Pune) We find that the assessee specifically submitted before the AO during the course of penalty proceedings, which fact has also been captured in the penalty order, that its business was inoperative for the last 7 years and it had already borrowed loans from Shree Suvarna Sahakari Bank Ltd. […]...

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Cash Loan- Penalty justified on failure to establish Business exigency or urgency 

M. Sougoumarin Vs ACIT (Madras High Court)

M. Sougoumarin Vs ACIT (Madras High Court) High Court held that there was no such reason for regular loan transactions of borrowing and repayment in cash of amounts exceeding Rs.20,000/- so as to escape penal liability under Sections 271E and 271D of the IT Act. FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT These […]...

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Capital contribution by partner in cash- No violation of section 269SS

ITO Vs Dayamayee Marble & Granite (ITAT kolkata)

Where assessee received capital from the partner in cash, it did not tentamount to loan or deposit and therefore, penalty under section 271D was not to be levied for violation of section 269SS....

Read More

Penalty not leviable for cash loan taken/paid to comply re-settlement scheme of BIFR

Monarch Dyestuff Industries And Exports Ltd. Vs JCIT (ITAT Ahemdabad)

Assessee was not liable for penalty under section 271D and 271E for availing cash loans/deposits in violation of section 269SS and 269T as it had availed the facility in order to re-establish itself, and for fulfilment of promises given for the purpose of BIFR which was a reasonable cause foe not levying penalty....

Read More

Clean Transactions, Cleaner Economy, Go Cashless, Go Clean

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 relating to one event or occasion. √ Receive or repay Rs.  20,000 or more in cash for transfer of Immovable Property. √ Pay more than Rs.  10,000 in cash relating to […]...

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Posted Under: Income Tax |

Section 269SS not applies to loan transaction between husband and wife

Nabil Javed Vs ITO (ITAT Delhi)

Provisions of section 269SS was not applicable to the loan transaction between husband and wife because there was no relationship of the depositor or a creditor and no interest of parties were involved....

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All about Cash receipt exceeding Rs 2,00,000 under Income Tax Act

There are various provision inserted via Finances Act to put a limit on Cash Transaction for a check on Black Money and Tax Theft, below are the following provision applicable to Assesses (Liable for Audit u/s 44 AB of the Act) SECTION 269ST PROVISION OF SECTION 269ST: No person shall receive an amount of two lakh rupees or more— [&...

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Penalty U/s. 271D for Contravention of section 269SS not leviable if assessee provides reasonable cause

Baldev Singh Vs Addl. CIT (ITAT Chandigarh)

The assessee in the present case has also raised the plea of reasonable cause, that the person advancing the loan was agriculturist and had no bank account. Accordingly, we delete the penalty levied under sections 271D and 271E of the Act....

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Reportable / Cash Transactions and TCS – Limit and Penalty

Article covers Cash Transactions provisions (Section 269SS, 269T, 269ST, 43), Reportable Transaction provisions (Section 285BA, Rule 114E) and Transaction on which Tax has to be collected at Source (TCS) (Section 206C)...

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Posted Under: Income Tax |

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