section 269SS - Page 11

Sec. 269SS Penalty cannot be imposed if cash loan was taken to meet business needs

DCIT Vs Rupen Das (ITAT Kolkata)

DCIT Vs Rupen Das (ITAT Kolkata)- The assessee was engaged in providing security guards to various Government and non-Government organisations and regular payment to the employees was essential to provide better services. ...

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Penalty cannot be levied u/s 271D for receiving cash from borrower by a lender in violation of section 269SS

DCIT Vs Ankush Rao Ingle (ITAT Hyderabad)

In our opinion, the Section 269SS and 271D are not applicable to the fact of the case since the assessee in this case received back the money in cash and not advanced money or accepted the loan in cash. The penalty In this case cannot be levied u/s 271D of the Act. for receiving the cash from the borrower, by the assessee....

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Requirement as to mode of acceptance or repayment of loans/deposits in certain cases under section 269SS and 269T of the Income Tax Act, 1961

In exercise of the powers conferred by clause (e) of proviso to section 269SS of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies Housing Development Finance Corporation Limited, Bombay, in respect of its Home Savings Plan Scheme, Loan Linked Deposit Scheme and Certificate of Deposit Scheme, including Cumulati...

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Sec. 269SS Contribution towards share application money received in cash is not loan or deposit

Income Tax Officer Vs. M/s. Avadh Rubber Ltd. (ITAT Kolkata)

Income Tax Officer Vs. M/s. Avadh Rubber Ltd. (ITAT Kolkata) I.T.A. No. 1853/Kol/2008 Dated : 28th May, 2010 Sole dispute is whether the contribution of Abhisek Saraf in cash towards share application money in the sum of Rs. 3 lacs should be construed to be a deposit within the meaning of s. 269SS in order […]...

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Applicability of penalty U/s. section 269T of IT Act, 1961, when payment was made in cash but not exceeded Rs.20,000/- on a single day

Ajay Goel Vs. ACIT (ITAT Delhi)

A plain reading of language used in the definition of `loan or deposit' in section 269T clearly provides loan or deposit means any loan or deposit of any nature. Thus, there is no question of excluding current loan for the purpose of section 269T of the Act....

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No Penalty U/s. 271D for receipt of Share application money in cash

CIT Vs. M/s Speedways Rubber Pvt. Limited (Punjab & Haryana High Court at Chandigarh)

The Assessing officer initiated proceedings for alleged violation of section 269SS of the Act in as much as the assessee accepted share application money being Rs.20,000/- in cash. Thereafter, penalty was imposed. On appeal, CIT(A) upheld the stand of the assessee that the amount received...

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Receipt of share application money is neither loan nor deposit

VLS Foods (P.) Ltd. Vs Additonal Commissioner of Income-tax IT (ITAT Delhi)

In the present case, the alleged amount of Rs. 8.55 lakhs was received by the assessee in cash on account of share application money, penalty under s. 271D cannot be levied because the receipt of share application money is neither loan nor deposit and hence the impugned receipt of Rs. 8.55 lakhs is not governed by s. 269SS of the Act. We ...

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No Penalty for cash loan to Sister Concerns due to business exigency

The Commissioner of Income Tax Vs Sunil Kumar Goel (Punjab & Haryana High Court)

There is no dispute about the fact, that the instant cash transactions of the respondent-assessee were with the sister concern, and that, these transactions were between the family, and due to business exigency. A family transaction, between two independent assessees, based on an act of casualness, specially in a case where the disclosure...

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Where reasonable explanation is furnished, levy of penalty u/s 271D is not justified

Commissioner Of Income-Tax. Vs. Maheshwari Nirman Udyog (Rajasthan High Court)

In the instant case, there was no evidence to show that money was loaned or kept deposited for a fixed period or repayable on demand. Further, the sister concerns and the assessee were owned by the same family group of people with a common managing partner with centralised accounts under the same roof...

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Sections 269SS have no application in respect of Share Application Money Received in cash

Commissioner Of Income-Tax. Vs. Rugmini Ram Raghav Spinners Private Limited. (Madras High Court)

Q.1. What is the definition of MSME? A.1. The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:(a) Enterprises engaged in the manufacture or production, processing or preservation of goods as specified b...

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