Income Tax : Learn about common irregularities in tax audit reports for AY 2023-24, including reporting gaps in Forms 3CA/3CB, SA 700, and sect...
Income Tax : In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in r...
Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...
Income Tax : Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS,...
Income Tax : ITAT upholds penalty against taxpayer for cash repayment of loans, contravening Section 269T of Income-tax Act. Explore implicatio...
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 : ITAT Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan...
Corporate Law : Delhi High Court held that imposition of penalty under section 271DA of the Income Tax Act is justifiable since there is no inordi...
Income Tax : ITAT Bangalore held that penalty order under section 272A(2)(e) of the Income Tax Act has to be passed within reasonable time. Sin...
Income Tax : Assessee contended that there was no violation of provisions of sec.269T since the security deposits were obtained through banking...
Income Tax : ITAT Amritsar held that there is no violation of provisions of section 269SS of the Income Tax Act when cash payment was made at o...
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 : G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Dire...
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,...
ITAT Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan repayment.
Delhi High Court held that imposition of penalty under section 271DA of the Income Tax Act is justifiable since there is no inordinately and inexplicably delay in initiation of penalty proceedings. Accordingly, writ dismissed.
ITAT Bangalore held that penalty order under section 272A(2)(e) of the Income Tax Act has to be passed within reasonable time. Since, the penalty order is not passed within reasonable time, the same is liable to be quashed.
Assessee contended that there was no violation of provisions of sec.269T since the security deposits were obtained through banking channels and were only adjusted towards the outstanding dues.
ITAT Amritsar held that there is no violation of provisions of section 269SS of the Income Tax Act when cash payment was made at one go before sub-registrar at the time of registration of sale deed. Accordingly, penalty under section 271D deleted.
Limitation period for Section 271DA penalty should be counted from the date of the assessment order and delay in making the reference could not extend the limitation period
In the abovementioned matter ITAT remanded the matter to AO after observing that assessee failed to apply under rule 46 A (Additional Evidence) of the IT Rules.
ITAT Kolkata held the penalty under section 271E of the Income Tax Act not leviable since in the present case there was no repayment of loan received from the members but it was loan disbursed to members. Accordingly, revenue appeal dismissed.
Learn about common irregularities in tax audit reports for AY 2023-24, including reporting gaps in Forms 3CA/3CB, SA 700, and sections 40A, 269SS, and 269T.
Delhi High Court held that passing of penalty order after the lapse of six months from the end of the month in which the penalty proceedings were initiated by the AO is untenable. Thus, penalty order set aside as passed beyond time period framed u/s. 275(1)(c) of the Income Tax Act.
