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/...
Corporate Law : High Court upheld conviction under Section 138 NI Act, holding that contradictory defence evidence failed to rebut statutory presu...
Income Tax : ITAT Delhi quashed a ₹65 lakh penalty under Section 271D after finding that no assessment was made for the relevant year and no ...
Income Tax : ITAT Delhi held that the PCIT exceeded jurisdiction by introducing issues not mentioned in the Section 263 show-cause notice. The ...
Income Tax : ITAT Delhi deleted penalties imposed for alleged cash transactions after holding that the electronic evidence relied upon by the R...
Income Tax : ITAT Mumbai ruled that once reassessment proceedings are quashed as void ab initio, the satisfaction recorded therein for initiati...
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,...
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.
The CIT(A) upheld the disallowance in both years, primarily on the basis that the genuineness of the loans had not been established, and therefore, the interest paid on such loans could not be allowed.
ITAT Pune held that delay in filing of an appeal before CIT(A) condoned due to company’s financial position and non-pursuing of appeals by tax consultant. Accordingly, matter remitted to file of CIT(A) for denovo adjudication.
ITAT Bangalore rules in favor of assessee, cancels penalty under Section 271D for cash loans taken from close relatives, citing reasonable cause.
SC mandates reporting of cash transactions over ₹2L under Section 269ST, directing courts, IT authorities, and registrars to ensure compliance and curb violations.
ITAT Bangalore cancels ₹2.20 lakh penalty on Rajiv Duseja for cash loans from family. Cites precedents on genuine transactions & reasonable cause.
Supreme Court ruling on cash property deal cites wrong tax law (269ST instead of 269SS), but mandates reporting of large cash transactions to IT dept.
The plaintiff entity is a company engaged in the business of constructing and redeveloping immovable properties, either on a contractual or collaborative basis, and subsequently selling such properties.
ITAT Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan repayment.
ITAT Delhi held that interest and penalty due to default in payment of license fee is merely compensatory in nature and hence the same is revenue expenditure. Accordingly, PCIT classifying them to be capital expenditure is not sustainable.
