Section 271D

Penalties and 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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Restrictions on Cash Loans, Deposits & Advances under Income Tax

Income Tax - ANALYSIS OF SEC 269SS No person shall accept, from any other person, loan, deposit or any specified sum otherwise than by A/c payee cheque, bank draft or use of ECS through a bank account or through such other electronic mode as may be prescribed, if:...

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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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Income Tax Offences liable to prosecution

Income Tax - Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....

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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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Section 271D penalty imposable on failure to prove non-contravention of section 269SS

Bookmywish E Commerce Pvt. Ltd. Vs Addl. CIT (ITAT Ahmedabad) - Bookmywish E Commerce Pvt. Ltd. Vs Addl. CIT (ITAT Ahmedabad) Additional CIT has levied penalty u/s. 271D of the act on 27th March, 2017 of Rs. 4 lacs on account of accepting loan amounting to Rs. 2,30,000/- in cash from Shri Anish Nagpal and Rs. 1,70,000/- from Shri Amit Purswani in violation of pr...

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No section 269SS & 269T if reasonable cause for accepting/repaying loan in cash

Sunil M. Bhide Vs Addl. CIT (ITAT Pune) - Sunil M. Bhide Vs Addl. CIT (ITAT Pune) It is seen from the penalty order that the assessee pleaded before the AO that he started construction of a commercial building on his plot. The construction work was halted because of paucity of funds. The said plot of land along with part construction was le...

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Cash Transactions between Trust & Managing Trustee not attracts Section 269SS

Akash Education & Development Trust Vs Addl. CIT (ITAT Bangalore) - Akash Education & Development Trust Vs Addl. CIT (ITAT Bangalore) In the present case, the assessee is a registered society u/s. 12AA of the Act and its income is exempt u/s. 11 of the Act. The assessee in the stage of establishment of educational institution has undertaken the construction acti...

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Loan Received/paid in cash to meet immediate business requirements – ITAT cancels section 271D/271E penalty

Balwan Singh Vs ACIT (ITAT Delhi) - Balwan Singh Vs ACIT (ITAT Delhi) The assessee is engaged as a transporter and has not maintained any regular books of account. The assessment has been made on estimations, keeping in mind the transportation receipts earned by the assessee which also includes some of impugned entries towards cash re...

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No penalty for Acceptance and repayment of cash for personal purpose between near relatives

DCIT/ACIT Vs Shri Sanjay Shenoy (ITAT Bangalore) - Acceptance and repayment of cash for personal purpose between near relatives did not not attract sections 269SS and 269T and, therefore, no penalty could be levied under section 271D/271E....

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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"

Section 271D penalty imposable on failure to prove non-contravention of section 269SS

Bookmywish E Commerce Pvt. Ltd. Vs Addl. CIT (ITAT Ahmedabad)

Bookmywish E Commerce Pvt. Ltd. Vs Addl. CIT (ITAT Ahmedabad) Additional CIT has levied penalty u/s. 271D of the act on 27th March, 2017 of Rs. 4 lacs on account of accepting loan amounting to Rs. 2,30,000/- in cash from Shri Anish Nagpal and Rs. 1,70,000/- from Shri Amit Purswani in violation of provision of […]...

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No section 269SS & 269T if reasonable cause for accepting/repaying loan in cash

Sunil M. Bhide Vs Addl. CIT (ITAT Pune)

Sunil M. Bhide Vs Addl. CIT (ITAT Pune) It is seen from the penalty order that the assessee pleaded before the AO that he started construction of a commercial building on his plot. The construction work was halted because of paucity of funds. The said plot of land along with part construction was leased out […]...

Read More

Penalties and 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 |

Restrictions on Cash Loans, Deposits & Advances under Income Tax

ANALYSIS OF SEC 269SS No person shall accept, from any other person, loan, deposit or any specified sum otherwise than by A/c payee cheque, bank draft or use of ECS through a bank account or through such other electronic mode as may be prescribed, if:...

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 |

Income Tax Offences liable to prosecution

Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law....

Read More
Posted Under: Income Tax | ,

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 | ,

Penalties under 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....

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Posted Under: Income Tax | ,

Draft submission for no penalty u/s 271D if reasonable cause exist

Draft submission for no penalty u/s 271D if reasonable cause persists with the assessee u/s 273B of the Act Written submissions in the case of Sh. XXXXXX, R/O XXXXXX with reference to penalty u/s 271D levied by AO vide order Dt. 22.12.2021. Every Grounds of appeal has been explained elaboratively below in the written submissions […...

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Amendment to section 269SS wef 1.6.2015 vis a vis penalty u/s 271D 

Amendment to section 269SS of the Income Tax Act, 1961 wef 1.6.2015 vis a vis penalty u/s 271D of the Act in respect of specified transactions When there exists a reasonable cause with the assessee and bonafide belief for accepting the payment in cash on sale of Agriculture Land on or after 1.6.2015 and he […]...

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Posted Under: Income Tax |

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