Sponsored
    Follow Us:

Section 269T

Latest Articles


Landmark SC Ruling on Property Transaction in Cash: Did It Quote Wrong Section?

Income Tax : Supreme Court ruling on cash property deal cites wrong tax law (269ST instead of 269SS), but mandates reporting of large cash tra...

April 17, 2025 4230 Views 2 comments Print

Commonly Found Irregularities In Tax Audit Report

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...

December 13, 2024 31770 Views 0 comment Print

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 364655 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 3927 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 1995 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 23941 Views 0 comment Print


Latest Judiciary


Report & Probe Cash Transactions Exceeding ₹2 Lakh Under Section 269ST: SC

Income Tax : SC mandates reporting of cash transactions over ₹2L under Section 269ST, directing courts, IT authorities, and registrars to ens...

April 25, 2025 6267 Views 0 comment Print

Cash transaction between sister concerns: ITAT Kolkata Deletes Section 271E Penalty

Income Tax : ITAT Kolkata removes ₹1 crore penalty under Sec 271E, ruling cash transaction between sister concerns as reimbursement, not loan...

April 12, 2025 573 Views 0 comment Print

Initiation of penalty proceedings u/s. 271DA justified as delay was not unreasonable: Delhi HC

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...

March 25, 2025 219 Views 0 comment Print

Section 272A(2)(e) Penalty order quashed as not passed within reasonable time: ITAT Bangalore

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...

March 18, 2025 279 Views 0 comment Print

No Section 271E penalty for Violating Section 269SS & 269T Due to Reasonable Cause

Income Tax : Assessee contended that there was no violation of provisions of sec.269T since the security deposits were obtained through banking...

March 12, 2025 3183 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 13449 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 6105 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 130203 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 20955 Views 0 comment Print


No penalty u/s 271D on cash loan taken more than Rs. 20,000 if it is routed through Bank

October 3, 2015 3915 Views 0 comment Print

In a landmark judgement of Hon’ble Allahabad High Court in the case of CIT- V. Smt. Dimpal Yadav, it was held that where even through assesee had taken a loan in cash, since loan was routed through bank account of the assessee for the payment to Government for converting land into free

Penalty u/s 271D & 271E for raising & repayment of loans in cash cannot be imposed if sufficient reasonable cause exist

September 6, 2015 2759 Views 0 comment Print

ITAT held in Envogue Wood Working Pvt Ltd Vs ACIT that if the assessee had taken and repaid the loan in cash and provided the sufficient reasonable cause of doing such then penalty u/s 271D & 271E would not be imposed.

Taxability of Transactions in Real Estate Sector

June 28, 2015 39632 Views 5 comments Print

Taxation whether direct or indirect in real estate sector always been a very critical issue due to different nature of this sector. In the recent past, there has been made lots of various provisions in the different tax laws to bring various activities, income, charges or fee etc. under tax regime.

Penalty proceedings can’t be initiated when there is reasonable cause of not complying with section 269S

June 17, 2015 1304 Views 0 comment Print

During the course of the assessment proceedings, it was noticed that the assessee had received a loan of Rs.30.00 lakhs in cash on 10.05.2009 thereby violating the provisions of section 269S of the I.T. Act. Accordingly, penalty notice u/s 271D of the I.T. Act was issued to the assessee on 25.04.2013 which was duly served on the assessee.

Penalty u/s 271D & 271E cannot be levied on transaction entered through journal voucher

June 15, 2015 7348 Views 0 comment Print

Hon’ble Bombay High Court in the case of Triumph International Finance (I) Ltd., 345 ITR 270, held that settling claims by making journal entries in the respective books is also one of the recognized modes of repaying loan or deposit. In the absence of any finding recorded in the assessment order or in the penalty order to the effect that the repayment of loan or deposit was not a bona fide transaction and was made with a view to evade tax, the cause shown by the assessee was a reasonable cause and in view of section 273B of the Act, no penalty under section 271 E could be imposed for contravening the provisions of section 269T of the Act.

Advance in cash for Property Covered by Section 269SS & 269T wef 01.06.2015

June 4, 2015 180936 Views 30 comments Print

Mode of taking or accepting certain loans, deposits and specified sums and mode of repayment of loans or deposits and specified advances The earlier provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account […]

Changes In Direct Tax Provisions Effective from 01-06-2015 along with PPT

May 31, 2015 27627 Views 0 comment Print

As per Section 269SS if specified sum (any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place) taken or accepted in cash is Rs. 20,000 or more , penalty equal to amount taken shall be imposed under S. 271D.

Harsh Penalty for Property Transaction in Cash of Rs. 20,000 or more w.e.f. 1st June, 2015

May 26, 2015 362208 Views 47 comments Print

According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer. e.g. if for selling an immovable property ‘A’ has received an amount of Rs.1 lakh in cash from ‘B’ then ‘A’ has to pay 100% penalty of Rs. 1 lakh.

‘JAM’ming currency in Real Estate, Jaitley overlooks villagers?

April 14, 2015 3782 Views 0 comment Print

Measures to curb black money have been on the lips of every Finance Minister and Honorable Minister Shri Arun Jaitley is no exception. As we know, Real Estate business is the largest contributor of black money transactions. He trusts on the JAM (Jandhan, Aadhar, Mobile) generation to move away from such dark deals and build […]

Penalty cannot be levied on bonafide transaction with no intention to evade tax and where default was of technical nature

March 17, 2015 2687 Views 0 comment Print

In absence of any finding recorded in the assessment order or in the penalty order to the effect that repayment of loans/ deposit was not under a bonafide transaction and was made with a view to evade tax, the cause shown by the assessee was a reasonable cause and in the view of section 273B no penalty could be imposed.

Sponsored
Sponsored
Search Post by Date
May 2025
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031