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Section 271D

Latest Articles


Cash Received From Transfer of Property – No Penalty In Case of Reasonable Cause

Income Tax : Learn about Section 269SS and penalties for cash transactions in property transfers. Case analysis, judicial pronouncement, and ex...

January 15, 2024 14781 Views 3 comments Print

Income Tax: Cash in hand, with limits to understand- Part 1

Income Tax : Explore provisions and penalties in the Income Tax Act 1961 regarding cash transactions. Understand limits for loans, deposits, an...

January 2, 2024 8064 Views 1 comment Print

Beware of Cash Transaction under Income Tax Act

Income Tax : Discover the legal constraints around cash transactions under India's Income Tax Act. Learn about the various sections that impose...

September 11, 2023 6744 Views 0 comment Print

Implication of Cash transactions under Income Tax Act, 1961

Income Tax : Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights...

September 1, 2023 7803 Views 0 comment Print

Section 115BBE needs Relook: Know Misuse, Consequences & Judicial Precedents

Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...

August 12, 2023 17778 Views 0 comment Print


Latest Judiciary


No penalty for cash loan from Directors for Business Exigency: ITAT Chennai

Income Tax : Read the detailed analysis of ITAT Chennai's decision on penalties under sections 269SS and 269T for Pearl Beach Promoters P. Ltd....

July 18, 2024 417 Views 0 comment Print

No section 271D penalty for Cash receipt if reasonable cause exist

Income Tax : Read the full text of the ITAT Bangalore order in Laxmilal Badolla Vs NFAC. Penalty under Sec 271D cancelled due to reasonable cau...

July 4, 2024 693 Views 0 comment Print

Section 271D & 271E Penalty cannot be levied if assessment is quashed

Income Tax : Penalty u/s. 271D and 271E of the Income Tax Act cannot be imposed if assessment proceedings are quashed. Detailed analysis of Rav...

July 1, 2024 483 Views 0 comment Print

Violation of Section 269SS: Section 271D penalty Applies, Not Section 68 addition

Income Tax : Section 54F amendment restricting exemption to one residential house was prospective, applying only from April 1, 2015 and Violat...

May 26, 2024 2553 Views 0 comment Print

Section 269SS & 269T Not Applicable to Share Application Money; No Penalty Under Section 271D or 271E

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...

May 24, 2024 1932 Views 0 comment Print


Latest Notifications


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

Income Tax : It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by th...

April 26, 2016 7333 Views 0 comment Print

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

Income Tax : It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the l...

April 26, 2016 2533 Views 0 comment Print


Latest Posts in Section 271D

No penalty for cash loan from Directors for Business Exigency: ITAT Chennai

July 18, 2024 417 Views 0 comment Print

Read the detailed analysis of ITAT Chennai’s decision on penalties under sections 269SS and 269T for Pearl Beach Promoters P. Ltd. in the case of cash loans from directors.

No section 271D penalty for Cash receipt if reasonable cause exist

July 4, 2024 693 Views 0 comment Print

Read the full text of the ITAT Bangalore order in Laxmilal Badolla Vs NFAC. Penalty under Sec 271D cancelled due to reasonable cause, detailed analysis and conclusion included.

Section 271D & 271E Penalty cannot be levied if assessment is quashed

July 1, 2024 483 Views 0 comment Print

Penalty u/s. 271D and 271E of the Income Tax Act cannot be imposed if assessment proceedings are quashed. Detailed analysis of Ravi Nirman Nigam Ltd Vs ACIT (ITAT Mumbai) and its implications.

Violation of Section 269SS: Section 271D penalty Applies, Not Section 68 addition

May 26, 2024 2553 Views 0 comment Print

Section 54F amendment restricting exemption to one residential house was prospective, applying only from April 1, 2015 and Violation of section 269SS of the IT Act, if any, would call for a separate penalty under section 271D, not an addition under section 68.

Section 269SS & 269T Not Applicable to Share Application Money; No Penalty Under Section 271D or 271E

May 24, 2024 1932 Views 0 comment Print

Calcutta High Court held that share application money or its repayment does not fall under Section 269SS & 269T, as the same are not loans or deposits, and do not attract penalties under Sections 271D and 271E of Income Tax Act.

AO Misconstrued Directions by PCIT, ITAT Kolkata Directs Re-adjudication

May 12, 2024 495 Views 0 comment Print

Rajendra Kumar Mishra vs. ACIT case: ITAT Kolkata directs re-evaluation as AO misinterpreted PCIT’s orders on loan payments.

Initiating Penalty Without Recording Satisfaction Vitiates section 271D Proceedings

May 7, 2024 1011 Views 0 comment Print

Section 271D penalty proceeding cannot be initiated if AO fail to record his satisfaction before initiating penalty penalty proceeding in respect of violation of provisions of section 269SS of Income Tax Act,  1961.

Section 271D Penalty: ITAT Directs AO to Verify Reasonable Cause for Cash Loan

March 31, 2024 642 Views 0 comment Print

In the case of SVT Wholesale Pvt. Ltd. Vs JCIT, the ITAT Bangalore evaluates the penalty imposed under Section 271D for violating Section 269SS of the Income Tax Act, 1961. Learn about the legal arguments, precedents, and the tribunal’s decision.

ITAT upholds Section 271D penalty for Cash Receipt against Property Sale in Violation of Section 269SS

March 31, 2024 10506 Views 0 comment Print

Chennai ITAT ruled that receiving a huge sale consideration in cash violates Sec 269SS, warranting penalty under Sec 271D. Case analysis of Nammalvar Lingusamy Vs ACIT.

No Section 271D Penalty for Cash Loans from Close Relatives: Reasonable Cause

March 21, 2024 1263 Views 0 comment Print

In Mani Sundaram Vs ITO (ITAT Chennai), cash loans from relatives, later treated as gifts, didn’t incur penalty under section 271D of the Income Tax Act.

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