Section 271D

Income Tax Law Relating To Cash Transactions

Income Tax - A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

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Measures to discourage Cash Transactions by CBDT

Income Tax - Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT Introduction:- a) Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. b) Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. c...

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Practical Issues in Penalty U/s. 271D & 271E r.w. Section 269SS and 269T

Income Tax - Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of sectio...

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Loans or Deposits under Sec 269SS of Income Tax Act, 1961

Income Tax - No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000. This provision has come into force to counteract the evasion of tax by mode of acceptance of money in certain cases. The objective is to prevent tra...

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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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No Section 271D Penalty for transactions between father & son

Mohammadyusuf R.Dargad Vs ACIT. (ITAT Bangalore) - The issue under consideration is whether the issue of penalty notice u/s 271D is justified under the Act? Penalty u/s 271D shall not be levied in the case of near relatives...

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No Section 271D Penalty for cash received from commission agent against sale of crops

Hardeep. Singh Vs JCIT (ITAT Chandigarh) - Transactions between the assessee and the Commission Agent were relating to the sale of agriculture crops, therefore, there was no receipt or repayment of loan or deposit, accordingly penalty levied by the A.O. and sustained by the Ld. CIT(A) under section 271 E of the Act is also deleted....

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Accepted cash deposits above Rs. 20000- Section 271D penalty leviable

N.S.S. Karayogam Vs CIT (Kerala High Court) - Assessee could not establish any 'reasonable cause' with respect of acceptance of the deposits in cash, exceeding the permissible limit, imposition of the penalty was re-affirmed....

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No Penalty for Loan in cash for sisters marriage which was repaid through RTGS

Shri Venkat Narayana Raju Pasuparthy Vs Addl. CCIT (ITAT Hyderabad) - : Where there existed reasonable cause for the assessee in accepting the loans in cash and particularly as the loans were repaid by way of RTGS, i.e., via banking channels, penalty levied by AO under section 271D was deleted....

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Section 269SS not applicable to transactions between relatives

Snehalata Sitani Vs JCIT (ITAT Kolkata) - Where the loans were taken by assessee in cash from his relatives, the transactions between relatives were not in the nature of loans or deposits as envisaged in section 269SS and the penalty imposed under section 271D was accordingly cancelled....

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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"

Income Tax Law Relating To Cash Transactions

A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

Read More
Posted Under: Income Tax |

No Section 271D Penalty for transactions between father & son

Mohammadyusuf R.Dargad Vs ACIT. (ITAT Bangalore)

The issue under consideration is whether the issue of penalty notice u/s 271D is justified under the Act? Penalty u/s 271D shall not be levied in the case of near relatives...

Read More

Measures to discourage Cash Transactions by CBDT

Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT Introduction:- a) Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. b) Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. c...

Read More
Posted Under: Income Tax |

Practical Issues in Penalty U/s. 271D & 271E r.w. Section 269SS and 269T

Provisions Of 269SS, 269T, 271D AND 271E As Per Finance Bill 2014 And Finance Bill 2015 And Some Issues Regarding Penalty U/S 271D, 271E And Relating To Amendments. Consequences of contravention of section 269SS: Section 271D of Income Tax Act 1961 provides that if a loan or deposit is accepted in contravention of the provisions of sectio...

Read More
Posted Under: Income Tax |

Loans or Deposits under Sec 269SS of Income Tax Act, 1961

No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000. This provision has come into force to counteract the evasion of tax by mode of acceptance of money in certain cases. The objective is to prevent tra...

Read More
Posted Under: Income Tax |

No Section 271D Penalty for cash received from commission agent against sale of crops

Hardeep. Singh Vs JCIT (ITAT Chandigarh)

Transactions between the assessee and the Commission Agent were relating to the sale of agriculture crops, therefore, there was no receipt or repayment of loan or deposit, accordingly penalty levied by the A.O. and sustained by the Ld. CIT(A) under section 271 E of the Act is also deleted....

Read More

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....

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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...

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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 | ,

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