section 269SS

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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All you need to know about various provisions in relation to Cash transactions under Income tax Act

Income Tax - The Government of India with an intention to evade black money and to discourage the cash transactions time and again taking various steps. Specially the Income tax Act is amended and provided with disallowances and stringent penal provisions for various types of cash transactions. Let us briefly understand some of such provisions here....

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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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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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HC upheld penalty for Cash Loan exceeding Rs. 20000 Taken & repaid

M. Sougoumarin Vs The Assistant Commissioner of Income Tax (Madras High Court) - These appeals are against an order dated 31-3-2016 passed by the Income Tax Appellate Tribunal B Bench, Chennai, allowing the appeals, being I.T.A.Nos.262 and 263/Mds/2015, in relation to the assessment years 2008-2009 and 2012-2013 filed by the respondent Revenue and restoring the penalty imposed b...

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S. 271D / 271E Penalty not leviable on genuine Cash transaction of convenience

Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad) - Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad) Amount received and repaid by the assessee subsequently is not a loan. This is a transaction done on behalf of his children to accommodate tham in obtaining DD’s without charges and cannot be considered as taking of loan or repayment of loan i...

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Mere genuineness of Transaction not enough for non levy of Penalty U/s. 271D

Deepak Sales & Properties Pvt. Ltd  Vs  ACIT (ITAT Mumbai) - Deepak Sales & Properties Pvt. Ltd  Vs  ACIT (ITAT Mumbai) There is no dispute between the parties that bonafide nature of transactions alone would not be sufficient to escape the clutches of sec. 271D of the Act. As per the decision rendered by Hon’ble Supreme Court in the case of Kum. A.B....

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Section 269SS not applies to Loan transaction between husband & wife

Shri Sunil Kumar Sood Vs The JCIT (ITAT Delhi) - Since in the present case also the assessee had taken the loan from his wife for the purchase of house which is for the benefit of the whole family, therefore, following the decision cited [supra], we hold that penalty levied u/s 271D of the Act in the instant case is not justified. ...

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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"

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....

Read More

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)...

Read More
Posted Under: Income Tax |

HC upheld penalty for Cash Loan exceeding Rs. 20000 Taken & repaid

M. Sougoumarin Vs The Assistant Commissioner of Income Tax (Madras High Court)

These appeals are against an order dated 31-3-2016 passed by the Income Tax Appellate Tribunal B Bench, Chennai, allowing the appeals, being I.T.A.Nos.262 and 263/Mds/2015, in relation to the assessment years 2008-2009 and 2012-2013 filed by the respondent Revenue and restoring the penalty imposed by the Assessing Officer under Sections 2...

Read More

S. 271D / 271E Penalty not leviable on genuine Cash transaction of convenience

Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad)

Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad) Amount received and repaid by the assessee subsequently is not a loan. This is a transaction done on behalf of his children to accommodate tham in obtaining DD’s without charges and cannot be considered as taking of loan or repayment of loan in cash. Facts of […]...

Read More

Mere genuineness of Transaction not enough for non levy of Penalty U/s. 271D

Deepak Sales & Properties Pvt. Ltd  Vs  ACIT (ITAT Mumbai)

Deepak Sales & Properties Pvt. Ltd  Vs  ACIT (ITAT Mumbai) There is no dispute between the parties that bonafide nature of transactions alone would not be sufficient to escape the clutches of sec. 271D of the Act. As per the decision rendered by Hon’ble Supreme Court in the case of Kum. A.B. Shanthi (supra), it […]...

Read More

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

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...

Read More
Posted Under: Income Tax | ,

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

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....

Read More
Posted Under: Income Tax |

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

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....

Read More
Posted Under: Income Tax |

Section 269SS not applies to Loan transaction between husband & wife

Shri Sunil Kumar Sood Vs The JCIT (ITAT Delhi)

Since in the present case also the assessee had taken the loan from his wife for the purchase of house which is for the benefit of the whole family, therefore, following the decision cited [supra], we hold that penalty levied u/s 271D of the Act in the instant case is not justified. ...

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No Penalty for cash above Rs. 20000 from relatives due to Business Exigencies

Mr. Girishkumar Popatlal Vs JCIT (ITAT Ahmedabad)

The ld. counsel vehemently stated that the legislative intent in prohibiting the acceptance and repayment of money in cash over and above Rs. 20,000/- is to check the unaccounted money and not to hit the genuine business need....

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