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 269SS of Income Tax not apply to share application money received in cash

Layog 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....

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Penalty u/s 271D leviable on failure to furnish reasonable cause for taking cash loan

Planman 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....

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Penalty u/s 271D sustainable for contravention of provisions of section 269SS

Siddha 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....

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Penalty u/s. 271D/ 271E of the Income Tax Act not leviable in case of ‘loan given’

Prakash 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....

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Repayment of cash loan by cheque doesn’t exonerate levy of penalty u/s 271D

Ramakrishna 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....

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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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Section 271D’s Popular Posts

Recent Posts in "Section 271D"

Section 269SS of Income Tax not apply to share application money received in cash

Layog 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....

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Penalty u/s 271D leviable on failure to furnish reasonable cause for taking cash loan

Planman 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....

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Penalty u/s 271D sustainable for contravention of provisions of section 269SS

Siddha 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....

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Penalty u/s. 271D/ 271E of the Income Tax Act not leviable in case of ‘loan given’

Prakash 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....

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Repayment of cash loan by cheque doesn’t exonerate levy of penalty u/s 271D

Ramakrishna 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....

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ITAT upheld section 271D penalty for cash loan from director

H.K. Infraventure Pvt. Ltd. Vs JCIT (ITAT Allahabad)

H.K. Infraventure Pvt. Ltd. Vs JCIT (ITAT Allahabad) there was no valid and reasonable cause for assesse to have received loan or deposit of Rs. 1,10,02,000/- in cash from its Director namely Mr. Hemant Kumar Sindhi, more so Allahabad(Now Prayagraj), U.P. is having all the requisite banking facilities available, and there was no reason an...

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Cash wrongly deposited in bank A/c of Appellant: ITAT deletes Section 271D penalty

Opaque Ceramics Pvt. Ltd. Vs Addl. CIT (ITAT Ahmedabad)

It is evident that the assessee had received cash amounts, but deposited in its Bank A/c which is in violation of the provisions contained in Section 269SS. But like any other penalty, the operation of Section 271D with reference to the violation of the provisions contained in Section 269SS also is not automatic....

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Section 269SS not applicable on Cash Loan Taken from Brother & Mother

Hitesh Manshukhbahi Dave Vs JCIT (ITAT Rajkot)

Hitesh Manshukhbahi Dave Vs JCIT (ITAT Rajkot) Gujarat High Court in the case of Dr. Rajaram L. Akhaniv ITO [2017] 88 taxmann.com 693 (Gujarat) has held that where assessee had accepted a sum of Rs. 2 lakhs from his son to meet urgent requirement of depositing margin money in bank account for buying a vehicle […]...

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Section 271D penalty cannot be imposed on amount disallowed under section 40A(3)

DCIT Vs VME Precast Pvt. Ltd. (ITAT Chennai)

Once, it is established that these payments are for construction contract and particularly the AO has made disallowance by invoking the provisions of section 40A(3) of the Act, no disallowance can be made by invoking the provisions of section 269SS of the Act for levy of penalty u/s.271D of the Act....

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Section 271D Penalty proceeding is independent of assessment proceedings

Dr. Sankaran Sundar Vs ITO (ITAT Bangalore)

Dr. Sankaran Sundar Vs ITO (ITAT Bangalore) The penalty imposed u/s 271D of the I.T.Act is independent of assessment proceedings completed u/s 143(3) of the I.T.Act. Even without completion of assessment u/s 143(3) of the I.T.Act, penalty u/s 271D of the I.T.Act can be imposed for violation of provisions of section 269SS of the I.T.Act. [...

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