Section 269T

Relaxation of Penalty U/S 271DA for Violation of Section 269ST

Income Tax - Finance Act 2017, instead of amending section 273B, inserted a proviso to section 271DA itself to the effect that, no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention of section 269ST. However, what could constitute good and sufficient reasons for contravention have not bee...

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Reportable / Cash Transactions and TCS – Limit and Penalty

Income Tax - Article covers Cash Transactions provisions (Section 269SS, 269T, 269ST, 43), Reportable Transaction provisions (Section 285BA, Rule 114E) and Transaction on which Tax has to be collected at Source (TCS) (Section 206C)...

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Brief Study of Section 269SS, 269T, 68 and 69 of Income Tax Act,1961

Income Tax - There are very few things in this world which are both Legal & Lethal. TAX is one of them. If tax provisions are not understood properly or tax is not paid in proper time, it is enough to give you hypertension. Moreover it is important to know what are the sections that affect your daily transactions and how these transactions are dealt w...

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Section 269SS & 269T of Income Tax Act,1961

Income Tax - Section 269SS and 269T of Income Tax Act,1961 been explained in the Article. Section 269SS and 269T deals with restrictions on taking Cash Loan of Rs. 20000 of more than and its repayment in cash....

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Income Tax – Provisions of Section 269SS and Section 269T

Income Tax - Provisions regulating mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269SS and 269T of Income Tax Act 1961....

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SIT report: Restrict Cash Transaction/Holding to curb black money

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/– (Rupees Three Lacs) shall be invalid & illegal and would be a punishable offence, if amount is not paid by account payee cheque or account payee bank draft or use of electronic clearing system through a ban...

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Penalty not leviable for cash loan taken/paid to comply re-settlement scheme of BIFR

Monarch Dyestuff Industries And Exports Ltd. Vs JCIT (ITAT Ahemdabad) - Assessee was not liable for penalty under section 271D and 271E for availing cash loans/deposits in violation of section 269SS and 269T as it had availed the facility in order to re-establish itself, and for fulfilment of promises given for the purpose of BIFR which was a reasonable cause foe not le...

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Section 269SS not applies to loan transaction between husband and wife

Nabil Javed Vs ITO (ITAT Delhi) - Provisions of section 269SS was not applicable to the loan transaction between husband and wife because there was no relationship of the depositor or a creditor and no interest of parties were involved....

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No Penalty U/s. 271E on cash refund of advance from customers under Bonafide Belief

M/s. Orison Transport Vs DCIT (ITAT Cuttack) -  M/s. Orison Transport Vs DCIT (ITAT Cuttack) Belief of the assessee that return of advance from customers is not prohibited by section 269T was a bonafide belief. Therefore, the levy of penalty u/s.271E of the Act of Rs.21,49,943/- cannot be sustained. FULL TEXT OF THE ITAT JUDGMENT This is an ap...

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Penalty U/s. 271E not valid in absence of finding in order of AO with regard to applicability of section 269T

CIT Vs Manohar Lal Thakral (Punjab and Haryana High Court) - Where in case of assessee there was only processing of return under section 143(1)(a) and, there was no finding in order of AO with regard to applicability of section 269T to assessee’s case, no penalty under section 271E was permissible....

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HC upheld penalty for Cash Loan exceeding Rs. 20000 Taken & repaid

M. Sougoumarin Vs The Assistant Commissioner of Income Tax (Madras High Court) - These appeals are against an order dated 31-3-2016 passed by the Income Tax Appellate Tribunal B Bench, Chennai, allowing the appeals, being I.T.A.Nos.262 and 263/Mds/2015, in relation to the assessment years 2008-2009 and 2012-2013 filed by the respondent Revenue and restoring the penalty imposed b...

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CBDT relaxes PAN requirement for Section 269T reporting in 3CD

Notification No. 60/2017-Income Tax [G.S.R. 841(E)] - (06/07/2017) - G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 58/2017, dated the 3rd July, 2017, published vide number G.S.R. 821(E) dated the 3rd July, 2017, in the Gazette of India, Extraordinary, Part II, Sectio...

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CBDT amends form 3CD to revise reporting U/s. 269SS & 269T

Notification No. 58/2017-Income Tax [G.S.R. 821(E)] - (03/07/2017) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely: 31. (a) Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previ...

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Section 269SS and 269T applicable to NBFC: RBI

DNBR (PD) CC.No.086/03.10.001/2016-17-RBI - (09/03/2017) - Section 269SS and 269T of the Income Tax Act, 1961, the requirements under the Income Tax Act, 1961, as amended from time to time, would be applicable to all NBFCs with immediate effect. Currently, the relevant threshold under the Income Tax Act, 1961 is Rupees Twenty thousand....

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Recent Posts in "Section 269T"

Penalty not leviable for cash loan taken/paid to comply re-settlement scheme of BIFR

Monarch Dyestuff Industries And Exports Ltd. Vs JCIT (ITAT Ahemdabad)

Assessee was not liable for penalty under section 271D and 271E for availing cash loans/deposits in violation of section 269SS and 269T as it had availed the facility in order to re-establish itself, and for fulfilment of promises given for the purpose of BIFR which was a reasonable cause foe not levying penalty....

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Section 269SS not applies to loan transaction between husband and wife

Nabil Javed Vs ITO (ITAT Delhi)

Provisions of section 269SS was not applicable to the loan transaction between husband and wife because there was no relationship of the depositor or a creditor and no interest of parties were involved....

Read More

Relaxation of Penalty U/S 271DA for Violation of Section 269ST

Finance Act 2017, instead of amending section 273B, inserted a proviso to section 271DA itself to the effect that, no penalty shall be imposable if such person proves that there were good and sufficient reasons for the contravention of section 269ST. However, what could constitute good and sufficient reasons for contravention have not bee...

Read More
Posted Under: Income Tax |

Reportable / Cash Transactions and TCS – Limit and Penalty

Article covers Cash Transactions provisions (Section 269SS, 269T, 269ST, 43), Reportable Transaction provisions (Section 285BA, Rule 114E) and Transaction on which Tax has to be collected at Source (TCS) (Section 206C)...

Read More
Posted Under: Income Tax |

No Penalty U/s. 271E on cash refund of advance from customers under Bonafide Belief

M/s. Orison Transport Vs DCIT (ITAT Cuttack)

 M/s. Orison Transport Vs DCIT (ITAT Cuttack) Belief of the assessee that return of advance from customers is not prohibited by section 269T was a bonafide belief. Therefore, the levy of penalty u/s.271E of the Act of Rs.21,49,943/- cannot be sustained. FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the assessee against [&hel...

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Penalty U/s. 271E not valid in absence of finding in order of AO with regard to applicability of section 269T

CIT Vs Manohar Lal Thakral (Punjab and Haryana High Court)

Where in case of assessee there was only processing of return under section 143(1)(a) and, there was no finding in order of AO with regard to applicability of section 269T to assessee’s case, no penalty under section 271E was permissible....

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HC upheld penalty for Cash Loan exceeding Rs. 20000 Taken & repaid

M. Sougoumarin Vs The Assistant Commissioner of Income Tax (Madras High Court)

These appeals are against an order dated 31-3-2016 passed by the Income Tax Appellate Tribunal B Bench, Chennai, allowing the appeals, being I.T.A.Nos.262 and 263/Mds/2015, in relation to the assessment years 2008-2009 and 2012-2013 filed by the respondent Revenue and restoring the penalty imposed by the Assessing Officer under Sections 2...

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S. 271D / 271E Penalty not leviable on genuine Cash transaction of convenience

Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad)

Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad) Amount received and repaid by the assessee subsequently is not a loan. This is a transaction done on behalf of his children to accommodate tham in obtaining DD’s without charges and cannot be considered as taking of loan or repayment of loan in cash. Facts of […]...

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Brief Study of Section 269SS, 269T, 68 and 69 of Income Tax Act,1961

There are very few things in this world which are both Legal & Lethal. TAX is one of them. If tax provisions are not understood properly or tax is not paid in proper time, it is enough to give you hypertension. Moreover it is important to know what are the sections that affect your daily transactions and how these transactions are dealt w...

Read More
Posted Under: Income Tax | ,

Section 269SS & 269T of Income Tax Act,1961

Section 269SS and 269T of Income Tax Act,1961 been explained in the Article. Section 269SS and 269T deals with restrictions on taking Cash Loan of Rs. 20000 of more than and its repayment in cash....

Read More
Posted Under: Income Tax |

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