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Section 269T

Latest Articles


Various Threshold Limits under Income Tax Act

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...

September 6, 2024 363881 Views 44 comments Print

Summary of Section 269SS, 269ST and 269T & reporting in Tax Audit Form 3CD

Income Tax : Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements ...

August 26, 2024 3174 Views 0 comment Print

FAQs on Disallowance of cash expenses or limit on cash transactions

Income Tax : Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS,...

August 24, 2024 1713 Views 0 comment Print

ITAT Upholds Penalty for Loan Repayment in Cash Despite Poor Cheque Clearance History

Income Tax : ITAT upholds penalty against taxpayer for cash repayment of loans, contravening Section 269T of Income-tax Act. Explore implicatio...

March 14, 2024 942 Views 0 comment Print

Legitimacy of repayments through Journal Entries – Whether liable to penalty?

Income Tax : Explore the impact of Income Tax Sections 269SS, 269ST, 269SU, and 269T on transactions via Journal/Book Entries. Learn about legi...

February 27, 2024 7203 Views 0 comment Print


Latest News


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/...

July 14, 2016 23872 Views 0 comment Print


Latest Judiciary


Penalty order passed beyond time period framed u/s. 275(1)(c) untenable: Delhi HC

Income Tax : 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 p...

November 18, 2024 348 Views 0 comment Print

Penalty u/s. 271D set aside as claim made in an open and bonafide manner: ITAT Bangalore

Income Tax : ITAT Bangalore held that penalty under section 271D of the Income Tax Act not leviable in terms of section 273B of the Income Tax ...

November 7, 2024 441 Views 0 comment Print

Tribunal not empowered to recall or review its own order: ITAT Hyderabad

Income Tax : ITAT Hyderabad held that the Tribunal has no power to recall/review its own orders in terms of scope and power of Tribunal for rec...

September 19, 2024 405 Views 0 comment Print

Acceptance of Loans via Journal Entries Violates Section 269SS, but not warrant a penalty

Income Tax : Bombay HC upholds ITAT ruling on non-imposition of penalty under Section 271D for journal entries, citing reasonable cause under S...

September 14, 2024 2640 Views 0 comment Print

Penalty not leviable as violation of section 269SS and 269T not justified without clear finding: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that imposition of penalty u/s. 269D and 269E of the Income Tax Act without clear finding along with authentic...

August 30, 2024 444 Views 0 comment Print


Latest Notifications


CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...

January 29, 2020 13230 Views 0 comment Print

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

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...

July 6, 2017 6066 Views 1 comment Print

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

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...

July 3, 2017 130143 Views 9 comments Print

Section 269SS and 269T applicable to NBFC: RBI

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,...

March 9, 2017 20367 Views 0 comment Print


Latest Posts in Section 269T

Penalty order passed beyond time period framed u/s. 275(1)(c) untenable: Delhi HC

November 18, 2024 348 Views 0 comment Print

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.

Penalty u/s. 271D set aside as claim made in an open and bonafide manner: ITAT Bangalore

November 7, 2024 441 Views 0 comment Print

ITAT Bangalore held that penalty under section 271D of the Income Tax Act not leviable in terms of section 273B of the Income Tax Act since claim of exemption u/s. 54 is made in an open and bonafide manner.

Tribunal not empowered to recall or review its own order: ITAT Hyderabad

September 19, 2024 405 Views 0 comment Print

ITAT Hyderabad held that the Tribunal has no power to recall/review its own orders in terms of scope and power of Tribunal for rectification of order u/s. 254(2) of the Income Tax Act.

Acceptance of Loans via Journal Entries Violates Section 269SS, but not warrant a penalty

September 14, 2024 2640 Views 0 comment Print

Bombay HC upholds ITAT ruling on non-imposition of penalty under Section 271D for journal entries, citing reasonable cause under Section 273B. Appeals dismissed.

Various Threshold Limits under Income Tax Act

September 6, 2024 363881 Views 44 comments Print

In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in respect of deduction under section 80C, 80D, 80U etc. Some of the Popular Limits are Tax Rates, Conveyance Allowance, HRA, Home Loan Interest, Deduction Under Section 80C, Leave Encashment, Gratuity, Medical Reimbursement etc. […]

Penalty not leviable as violation of section 269SS and 269T not justified without clear finding: ITAT Ahmedabad

August 30, 2024 444 Views 0 comment Print

ITAT Ahmedabad held that imposition of penalty u/s. 269D and 269E of the Income Tax Act without clear finding along with authentic evidence that provisions of section 269SS and 269T are violated is unsustainable.

Summary of Section 269SS, 269ST and 269T & reporting in Tax Audit Form 3CD

August 26, 2024 3174 Views 0 comment Print

Understand the provisions of Sections 269SS, 269ST, and 269T under Indian tax law, their implications, and reporting requirements in Form 3CD for tax audits.

Consolidated Imposition of Sections 271D & 271E Penalty Unjustified: ITAT Cochin

August 26, 2024 342 Views 0 comment Print

ITAT Cochin held that imposition of penalty u/s. 271D and 271E of the Income Tax Act  in consolidated manner is unjustified as AO has to point out each entry where such acceptance or repayment is Rs. 20,000/- or more.

FAQs on Disallowance of cash expenses or limit on cash transactions

August 24, 2024 1713 Views 0 comment Print

Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS, 269ST, and 269SU.

Penalty u/s. 271D unwarranted as reasonable cause shown for cash receipt on sale of property: ITAT Bangalore

August 15, 2024 930 Views 0 comment Print

ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for accepting the cash on account of sale of immovable property.

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