Income Tax : ITAT upholds penalty against taxpayer for cash repayment of loans, contravening Section 269T of Income-tax Act. Explore implicatio...
Income Tax : Explore the impact of Income Tax Sections 269SS, 269ST, 269SU, and 269T on transactions via Journal/Book Entries. Learn about legi...
Company Law : Explore the impact of Income Tax sections 269SS & 269T in India, designed to curb tax evasion. Learn scenarios, exceptions, penalt...
Income Tax : Discover why Section 40A(3) limits cash payments and promotes a cashless economy, including reduction of black money generation. P...
Income Tax : Explore intricacies of Sections 269SS, 269T, and 269ST of Income Tax Act, 1961. Learn how these sections aim to curb cash transact...
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 Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for ...
Income Tax : ITAT Bangalore held penalty initiation under Sections 271D/271E must be noted in assessment order; temporary family loans without ...
Income Tax : Read the detailed analysis of ITAT Chennai's decision on penalties under sections 269SS and 269T for Pearl Beach Promoters P. Ltd....
Income Tax : Detailed analysis of ITO vs Turner General Entertainment Networks India Pvt. Ltd. case before ITAT Delhi. Penalty order deemed inv...
Income Tax : Calcutta High Court held that share application money or its repayment does not fall under Section 269SS & 269T, as the same are n...
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,...
Under the general provision relating to Partnership Act that partnership firm is not a juristic person and for inter relationship different remedies are provided to enforce the rights arising out of their inter se transactions, the issue about separate entities apart, it cannot be doubted that the assessee has acted bona fide and his plea that inter se transactions
The apex court in Hindustan Steel Ltd. v. State of Orissa had long ago settled the law that penalty is not to be ordinarily imposed unless the party either acted deliberately in defiance of law and was guilty of conduct contumacious or dishonest or acted in conscious disregard of its obligations. Penalty will also not be imposed merely because it is lawful to do so.
