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...
Read MoreIncome 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 MoreIncome 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....
Read MoreIncome 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....
Read MoreIncome 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...
Read MoreLayog Properties Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) - ITAT Delhi held that share application money received in cash for allotment of shares would not amount either to a loan or deposit within the meaning of Section 269SS of the Income Tax Act. Accordingly, penalty u/s 271D not leviable....
Read MorePlanman HR Pvt. Ltd. Vs ACIT (ITAT Delhi) - ITAT Delhi held that in absence of any reasonable cause for taking cash loan (i.e. contravening provisions of section 269SS of the Income Tax Act), penalty under section 271D of the Income Tax Act duly leviable....
Read MoreSiddha Chetty Natarajan Vs ITO (ITAT Chennai) - ITAT Chennai held that amount of Rs. 14 Lakhs received in cash for sale of immovable property is against the provisions of section 269SS of the Income Tax Act. Accordingly penalty under section 271D imposable....
Read MorePrakash Asphaltings & Toll of Highway (India) Ltd Vs ACIT (ITAT Indore) - ITAT Indore held that penalty under section 271D and section 271E are not attracted in case of loan given. Accordingly, penalty proceeding imposing penalty u/s 271D/ 271E of the Income Tax Act in case of loan given is invalid....
Read MoreRamakrishna Murali Vs ITO Ward-6(3)(1) (ITAT Bangalore) - ITAT Bangalore held that penalty u/s 271D of the Income Tax Act is leviable on loan taken by way of cash. Notably, repayment of cash loan by way of cheque wouldn’t exonerate the assessee from levy of penalty....
Read MoreCircular 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...
Read MoreCircular 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...
Read MoreLayog Properties Pvt. Ltd. Vs Addl. CIT (ITAT Delhi) -
Planman HR Pvt. Ltd. Vs ACIT (ITAT Delhi) -
Siddha Chetty Natarajan Vs ITO (ITAT Chennai) -
Prakash Asphaltings & Toll of Highway (India) Ltd Vs ACIT (ITAT Indore) -
Ramakrishna Murali Vs ITO Ward-6(3)(1) (ITAT Bangalore) -
H.K. Infraventure Pvt. Ltd. Vs JCIT (ITAT Allahabad) -
Opaque Ceramics Pvt. Ltd. Vs Addl. CIT (ITAT Ahmedabad) -
Hitesh Manshukhbahi Dave Vs JCIT (ITAT Rajkot) -
DCIT Vs VME Precast Pvt. Ltd. (ITAT Chennai) -
Dr. Sankaran Sundar Vs ITO (ITAT Bangalore) -