Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, ...
Income Tax : This clarifies how cash receipts are tested on daily, transaction, and occasion-based thresholds. It explains why breaking payment...
Income Tax : SEO Description: Explains which gifts qualify for exemption based on the statutory definition of “relative” and why not all fa...
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 : In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of blac...
CA, CS, CMA : The Finance Bill, 2017 proposed an insertion of Section 271J in the Income-tax Act, 1961. Considering the undue hardships to be ca...
Income Tax : It has also been decided that the restriction on cash transaction under section 269ST shall not apply to withdrawal of cash from ...
Income Tax : In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of blac...
Income Tax : Penalty under section 271DA could not be sustained merely on the basis of unverified seized data without independent corroborative...
Income Tax : The ITAT held that penalty under Section 271DA cannot be sustained where the Assessing Officer failed to record a clear and consci...
Income Tax : ITAT Delhi held that high sea sales could not be treated as non-genuine where customs approvals, sale agreements, and delivery rec...
Income Tax : ITAT Delhi deleted penalties imposed for alleged cash transactions after holding that the electronic evidence relied upon by the R...
Income Tax : The Tribunal held that consolidated Excel entries showing aggregate cash sales were insufficient to establish receipt of ₹2 lakh...
Income Tax : Cash receipt by ‘Co-op. Society’ from dealer across multiple days not to be aggregated for Sec. 269ST purpose: CBDT Reference ...
Income Tax : CBDT issues Corrigendum to Notification No. 56/2021-Income Tax Dated: 7th May, 2021 and stated that word ‘payee ‘to ...
Income Tax : Hospitals / medical facilities providing #COVID19 treatment to patients can now receive cash payments even higher than ₹ 2 lakh....
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 : Representations have been received from the stakeholders regarding applicability of income-tax provision to cash sale of agricultu...
Penalty under section 271DA could not be sustained merely on the basis of unverified seized data without independent corroborative evidence. Revenue must conclusively establish violation of section 269ST, and where assessee had disclosed the income and paid due taxes, penalty was not automatic and must satisfy the test of reasonableness and statutory conditions.
A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and penalties. It serves as a comprehensive statutory reference.
The ITAT held that penalty under Section 271DA cannot be sustained where the Assessing Officer failed to record a clear and conscious satisfaction regarding violation of Section 269ST in the assessment order. The ruling reiterates that such satisfaction is a mandatory jurisdictional requirement.
This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic payment compliance. It also highlights the statutory thresholds, exceptions, and penalties for various defaults.
The Income-tax Act contains strict provisions under Sections 40A(3), 269SS, 269ST, 269SU, and 269T to regulate cash transactions, restrict cash-based loans and receipts, and promote digital payments.
ITAT Delhi held that high sea sales could not be treated as non-genuine where customs approvals, sale agreements, and delivery records established the transactions. The Tribunal deleted the ₹59.11 crore addition and ruled that Section 68 could not apply to recovery of sale consideration.
ITAT Delhi deleted penalties imposed for alleged cash transactions after holding that the electronic evidence relied upon by the Revenue was inadmissible in law. The Tribunal observed that mandatory procedures relating to digital evidence handling and chain of custody were not properly followed.
The Tribunal held that consolidated Excel entries showing aggregate cash sales were insufficient to establish receipt of ₹2 lakh or more in a single transaction, and penalty under Section 271DA could not be sustained.
The issue was whether multiple medical bills constituted a single transaction under Section 269ST. The Tribunal held that separately billed services are independent transactions, so penalty was not justified.
The Tribunal held that Section 269SS does not apply when cash is received as part of final sale consideration at the time of property registration. Since no advance was involved, penalty under Section 271D was deleted.
