Income Tax : The provisions regulate acceptance, payment, and receipt of cash beyond specified limits. They impose strict penalties to discoura...
Income Tax : Covers the latest cash withdrawal, deposit, and loan limits. Takeaway: exceeding thresholds can trigger TDS, penalties, and blocke...
Income Tax : Explains when director cash infusions qualify as current account transactions and why genuine business support may fall outside Se...
Income Tax : The Tribunal held that penalty under Section 271DA cannot be imposed when the assessment order lacks recorded satisfaction of a 26...
Income Tax : Summary of income-tax rules on cash limits, including disallowance of cash expenditure, restrictions on loans, deposits, receipts,...
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 : The Tribunal held that enhancement of income without issuing notice under section 251(2) is invalid. Such action violates principl...
Income Tax : The Tribunal held that Section 50C may not apply if properties are held as stock-in-trade. It remanded the case to verify whether ...
Income Tax : The issue was whether rejection of books and GP estimation was justified due to missing records. ITAT upheld the addition, ruling ...
Income Tax : The issue was whether demonetisation cash deposits can be taxed as unexplained credits solely due to use of SBN. The ITAT held tha...
Income Tax : The Tribunal held that Section 269SS does not apply when cash is received as part of final sale consideration at the time of prope...
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,...
The ITAT Cochin ruled that cash received as a final payment during a property registration is not a violation of Section 269SS, waiving the penalty.
The ITAT Cochin bench ruled that receiving cash for property at registration violates Section 269SS, overturning a prior decision.
Section 269SS of the Income Tax Act prohibits accepting cash loans or deposits of Rs. 20,000 or more. Non-compliance can lead to a 100% penalty under Section 271D.
Addition of cash withdrawal under Section 69C in relation to the legitimate gold loan intermediary business was not justified observing that the documentary evidence including gold loan recorded validated gold loan business, thus there was no unexplained nature in the withdrawal.
The ITAT Cochin confirmed penalties against a primary agricultural credit society for violating Sections 269SS and 269ST, ruling that a lack of an RBI license prevents it from being classified as a co-operative bank.
ITAT Bangalore deletes ₹25.8L penalty under Section 271D as AO failed to record satisfaction in assessment order. Procedural lapse proved fatal.
ITAT Nagpur held that co-operative society is eligible to claim deduction under section 80P of the Income Tax Act in respect of interest earned from credit facilities extended to nominal members. Accordingly, appeal of assessee allowed.
ITAT Hyderabad rules against double taxation, quashing Section 69A addition after cash source was already accepted and taxed under Section 269SS for the same amount.
Nagpur ITAT dismisses Shri Sant Gajanan Maharaj Urban Co-operative Credit Society’s appeal against a Section 271D penalty, noting it was inadvertently filed before the Tribunal instead of the CIT(A).
Chhattisgarh High Court held that reasonable cause has been shown for non-compliance with the provisions contained in Section 269T of the Act and further it is not disputed that the transaction is genuine and bona fide.
