Section 271D

Power of Commissioner to Reduce or Waive Income Tax Penalty

Income Tax - In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

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Prosecutions and Punishment under Income-Tax Act, 1961

Income Tax - Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

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All about Income Tax Offences liable to prosecution

Income Tax - Section 132 empowers the tax authorities to initiate search proceedings at the premises of the taxpayer. During the course of search the tax authorities are also empowered to seize money, bullion, jewellery or other valuable article or thing found from the taxpayer. ...

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Penalties under the Income-Tax Act, 1961

Income Tax - Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

Read More

Penalties & Prosecutions Under Income tax Act, 1961

Income Tax - Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

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Penalty U/s. 271D cannot be imposed in absence of payment in cash

CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court) - CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court) Section 269SS does not include in its ambit where there is a transaction of loan or deposit by way of entries in the books of account by crediting or debiting the account of the other person. In other words, the provisions of section 269SS...

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Penalty not justified for loan received in cash and immediately refunded

The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi) - The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi) Briefly the facts of the case are that the A.O. in the assessment order noted that assessee was asked to explain source of the cash deposit in her bank account maintained with State Bank of India. The assessee attended the proceedings be...

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Section 271D Penalty applicable on Loan from Sister Concerns in Cash

CIT Vs. Sunil Sugar Co. (Allahabad High Court) - Assessee’s contention was that the entries were not in the nature of the loan or deposit on the face of it was not acceptable, as once any amount had been received by the assessee and the same was shown as received in its books of account, then it had partaken the nature of deposit and penal prov...

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Penalty U/s. 271D for cash deposit with Reasonable cause from identifiable agriculturists not justified

Pr. CIT Vs Tehal Singh Khara & Sons (Punjab and Haryana High Court) - Punjab and Haryana High Court held in the case of Pr. CIT Vs Tehal Singh Khara & Sons that Penalty under section 271D of Income Tax Act, 1961 not justified for Contravention of section 269SS if assessee had given reasonable cause for entering into the cash transactions, as creditors from whom th...

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No penalty for delay in audit report submission due to late appointment of Auditor by Registrar of Societies

The A.P. Dairy Development Vs Dy. Commissioner of Income (ITAI Hyderabad) - Brief facts of the case are that the assessee filed the return of income on the basis of the provisional accounts audited by a Chartered Accountant but did not file the audited accounts. The AO, therefore, issued a notice u/s 271D for levy of penalty for non filing of the audit report. The assessee ...

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Limitation for penalty proceedings U/s. 271D & 271E

Circular No. 10/2016-Income Tax - (26/04/2016) - It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by the provisions of section 275(1)(c) of the Act. Therefore, the limitation period for the imposition of penalty under these provisions would be the expiry of the financial y...

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Limitation commencement for penalty proceedings U/s. 271D &271E

Circular No. 09/DV/2016 (Departmental View) - (26/04/2016) - It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of penalty under sections 271D and 271E of the Income tax Act, 1961commences at the level of the Assessing Officer (below the rank of Joint Commi...

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Recent Posts in "Section 271D"

Penalty U/s. 271D cannot be imposed in absence of payment in cash

CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court)

CIT Vs. Apex Finlease Ltd. & Ors. (Allahabad High Court) Section 269SS does not include in its ambit where there is a transaction of loan or deposit by way of entries in the books of account by crediting or debiting the account of the other person. In other words, the provisions of section 269SS of […]...

Read More

Power of Commissioner to Reduce or Waive Income Tax Penalty

In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions...

Read More
Posted Under: Income Tax | ,

Prosecutions and Punishment under Income-Tax Act, 1961

Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act....

Read More
Posted Under: Income Tax | ,

All about Income Tax Offences liable to prosecution

Section 132 empowers the tax authorities to initiate search proceedings at the premises of the taxpayer. During the course of search the tax authorities are also empowered to seize money, bullion, jewellery or other valuable article or thing found from the taxpayer. ...

Read More
Posted Under: Income Tax | ,

Penalties under the Income-Tax Act, 1961

Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act....

Read More
Posted Under: Income Tax | ,

Penalty not justified for loan received in cash and immediately refunded

The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi)

The Income Tax Officer Vs Mrs. Lakshmi Vishwanath (ITAT Delhi) Briefly the facts of the case are that the A.O. in the assessment order noted that assessee was asked to explain source of the cash deposit in her bank account maintained with State Bank of India. The assessee attended the proceedings before A.O. and filed […]...

Read More

Section 271D Penalty applicable on Loan from Sister Concerns in Cash

CIT Vs. Sunil Sugar Co. (Allahabad High Court)

Assessee’s contention was that the entries were not in the nature of the loan or deposit on the face of it was not acceptable, as once any amount had been received by the assessee and the same was shown as received in its books of account, then it had partaken the nature of deposit and penal provision of section 271D was attracted. ...

Read More

Penalty U/s. 271D for cash deposit with Reasonable cause from identifiable agriculturists not justified

Pr. CIT Vs Tehal Singh Khara & Sons (Punjab and Haryana High Court)

Punjab and Haryana High Court held in the case of Pr. CIT Vs Tehal Singh Khara & Sons that Penalty under section 271D of Income Tax Act, 1961 not justified for Contravention of section 269SS if assessee had given reasonable cause for entering into the cash transactions, as creditors from whom the cash was received […]...

Read More

Penalties & Prosecutions Under Income tax Act, 1961

Penalties and Prosecutions Default in complying with provisions of or with conditions prescribed under the Income-tax Act would attract certain penalty and in critical cases prosecutions as well. The document will provide you information about the punishable offences, prosecutions and the quantum of penalties that can be imposed under the...

Read More
Posted Under: Income Tax |

No penalty for delay in audit report submission due to late appointment of Auditor by Registrar of Societies

The A.P. Dairy Development Vs Dy. Commissioner of Income (ITAI Hyderabad)

Brief facts of the case are that the assessee filed the return of income on the basis of the provisional accounts audited by a Chartered Accountant but did not file the audited accounts. The AO, therefore, issued a notice u/s 271D for levy of penalty for non filing of the audit report. The assessee explained […]...

Read More
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