Section 271D - Page 2

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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Penalties and Prosecutions Under Income tax Act, 1961

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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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 271D Penalty for contravening provisions of section 269SS

With a view to counteracting evasion of tax, section 269SS provides modes of taking / accepting certain types of loan / deposit / specified sum. In case the person fails to comply with the said provisions of section 269SS, then he would be liable to pay the penalty as prescribed under section 271D of the […]...

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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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No Penalty for Cash loan received from father for reasonable cause

Ashok Kumar Bagaria Vs JCIT (ITAT Kolkata)

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....

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Section 271D Penalty read with Section 269SS- Interesting aspects

SOME INTERESTING ASPECTS OF PENALTY U/S 271D r.w.s 269SS OF THE INCOME-TAX ACT, 1961 Penalty under section 271D the Income-tax Act, 1961  is imposed upon contraventions of provisions of section 269SS of the Act. In this article, an attempt has been made to touch upon certain aspects not usually discussed but at the same time […]...

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Cash loan from father-in-law- ITAT deletes Section 271D Penalty

Shri Sanmathi Ambanna Vs JCIT (ITAT Bangalore)

Shri Sanmathi Ambanna Vs JCIT (ITAT Bangalore) In penalty proceedings, the assessee, inter alia, submitted that the transactions in question cannot be strictly construed as loan but rather are in the nature of gifts from his father-in-law Shri. G. P. Padmakumar because of the fact that the person giving the money and the person accepting ...

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No penalty on cash loan from Parents and Brother for buying House for Family

Sonia Malik Vs JCIT (ITAT Delhi)

In the instant case, has received cash loan from her parents and brother to meet the stamp duty cost for purchase of a house property for her own living, therefore, I am of the considered opinion that it is not a fit case for levy of penalty u/s 271D of the Act and the provisions of section 273B will come to the rescue of the assessee as ...

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September 2020