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Section 271D

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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 11178 Views 2 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 5733 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 5937 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 7260 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 10281 Views 0 comment Print


Section 269SS not applicable to transactions between relatives

April 24, 2019 7689 Views 0 comment Print

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.

No Penalty for Cash loan received from father for reasonable cause

April 5, 2019 2163 Views 0 comment Print

Since assessee had given reasonable cause for availing loan in cash from his father within the meaning of section 271D, therefore, he would be out of the rigours of levy of penalty under section 271D and no penalty could be levied.

ITAT deletes penalty on Cash loan taken from unorganized finance sector to repay lenders

April 1, 2019 1203 Views 0 comment Print

M/s. P.R. Associates Vs ACIT (ITAT Pune) We find that the assessee specifically submitted before the AO during the course of penalty proceedings, which fact has also been captured in the penalty order, that its business was inoperative for the last 7 years and it had already borrowed loans from Shree Suvarna Sahakari Bank Ltd. […]

Levy of penalty u/s 271D and 271E in case of non-genuineness of transactions between director and assessee-company

March 29, 2019 4287 Views 0 comment Print

Penalty u/s 271D and 271 E was leviable as there was absolutely no genuinity or bonafideness in the transaction done between the promoter/ director and assessee- company.

Cash Loan- Penalty justified on failure to establish Business exigency or urgency 

March 23, 2019 1173 Views 0 comment Print

M. Sougoumarin Vs ACIT (Madras High Court) High Court held that there was no such reason for regular loan transactions of borrowing and repayment in cash of amounts exceeding Rs.20,000/- so as to escape penal liability under Sections 271E and 271D of the IT Act. FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT These […]

No penalty u/s 271D for advance received from promoters in cash through Current A/cs

March 21, 2019 2934 Views 0 comment Print

 Penalty u/s 271D could not be imposed on assessee for advances against sale of flats and cash receipts received from the promoters through their respective current accounts as nothing had been brought on record by Revenue to show that the receipts were superfluous in nature and not for the business of assessee.

Penalty not leviable for cash loan taken/paid to comply re-settlement scheme of BIFR

March 2, 2019 1626 Views 0 comment Print

Assessee was not liable for penalty under section 271D and 271E for availing cash loans/deposits in violation of section 269SS and 269T as it had availed the facility in order to re-establish itself, and for fulfilment of promises given for the purpose of BIFR which was a reasonable cause foe not levying penalty.

HC upheld penalty for Cash Loan exceeding Rs. 20000 Taken & repaid

September 17, 2018 1980 Views 0 comment Print

These appeals are against an order dated 31-3-2016 passed by the Income Tax Appellate Tribunal B Bench, Chennai, allowing the appeals, being I.T.A.Nos.262 and 263/Mds/2015, in relation to the assessment years 2008-2009 and 2012-2013 filed by the respondent Revenue and restoring the penalty imposed by the Assessing Officer under Sections 271E and 271D of the Income Tax Act, 1961 (hereinafter referred to as the IT Act).

Mere genuineness of Transaction not enough for non levy of Penalty U/s. 271D

September 6, 2018 1656 Views 0 comment Print

Deepak Sales & Properties Pvt. Ltd  Vs  ACIT (ITAT Mumbai) There is no dispute between the parties that bonafide nature of transactions alone would not be sufficient to escape the clutches of sec. 271D of the Act. As per the decision rendered by Hon’ble Supreme Court in the case of Kum. A.B. Shanthi (supra), it […]

S. 271D / 271E Penalty not leviable on genuine Cash transaction of convenience

July 27, 2018 2343 Views 0 comment Print

Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad) Amount received and repaid by the assessee subsequently is not a loan. This is a transaction done on behalf of his children to accommodate tham in obtaining DD’s without charges and cannot be considered as taking of loan or repayment of loan in cash. Facts of […]

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