Income Tax : This guide explains the penalty and prosecution framework under the Income-tax Act for AY 2026-27. It highlights the consequences ...
Income Tax : This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic paym...
Income Tax : The article explains how offences such as wilful tax evasion, failure to file returns, non-payment of TDS/TCS, falsification of re...
Income Tax : This article outlines major offences under the Income-tax Act that may result in prosecution, including tax evasion, non-payment o...
Income Tax : This article explains the statutory powers of the Principal Commissioner or Commissioner to waive or reduce penalties in genuine c...
Income Tax : ITAT held the Section 271D penalty was time-barred under Section 275(1)(c) as it was imposed after the prescribed limitation perio...
Income Tax : ITAT held that penalty under Section 271D cannot survive where the Assessing Officer failed to record satisfaction in the assessme...
Income Tax : ITAT held that penalty under Section 271D is invalid where the Assessing Officer failed to record satisfaction in the assessment o...
Income Tax : ITAT held that penalty under Section 271D cannot survive where the Assessing Officer failed to record satisfaction in the assessme...
Income Tax : Gujarat High Court upheld deletion of the Section 271D penalty, holding that absence of recorded satisfaction in the assessment or...
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...
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...
Shri Mohanlal Savjibhai Tilva Vs ACIT (ITAT Ahmedabad) The case of the assessee was that the loan in cash was taken from his HUF on account of extreme business exigency and necessity of honouring post dated cheques issued to the third parties. Further at that time, the assessee was not having sufficient balance in the […]
ITAT held that so far as cash receipt of by assessee from his father’s proprietary firm is concerned, the provisions of section 269SS do not stand attracted.
Explore the case of Bookmywish E-Commerce facing a penalty under Section 271D for accepting cash loans. Detailed analysis of legal perspectives and implications.
Sunil M. Bhide Vs Addl. CIT (ITAT Pune) It is seen from the penalty order that the assessee pleaded before the AO that he started construction of a commercial building on his plot. The construction work was halted because of paucity of funds. The said plot of land along with part construction was leased out […]
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:
Explore the detailed written submissions in the case of Sh. XXXXXX, challenging the penalty u/s 271D for accepting part cash in the sale of agriculture land. The appellant, an uneducated, rural individual, faced ill health and genuine reasons to accept cash. The penalty, imposed without fair hearing and ignoring reasonable causes, goes against judicial precedents. Discover the legal intricacies and practical challenges, emphasizing that penalty provisions should not be applied mechanically.
Explore the amendment to section 269SS of the Income Tax Act, 1961, effective from 1.6.2015, regarding penalties under section 271D. Learn about reasonable causes, legal defenses, and key judgments, as this article provides insights for individuals dealing with cash transactions related to the sale of agricultural land post the mentioned amendment. Understand how the law impacts individuals, especially those with a rural background, and discover significant cases supporting the assessee’s position.
Akash Education & Development Trust Vs Addl. CIT (ITAT Bangalore) In the present case, the assessee is a registered society u/s. 12AA of the Act and its income is exempt u/s. 11 of the Act. The assessee in the stage of establishment of educational institution has undertaken the construction activity of building for the purpose […]
Balwan Singh Vs ACIT (ITAT Delhi) The assessee is engaged as a transporter and has not maintained any regular books of account. The assessment has been made on estimations, keeping in mind the transportation receipts earned by the assessee which also includes some of impugned entries towards cash receipts by way of loan. The assessee […]
Acceptance and repayment of cash for personal purpose between near relatives did not not attract sections 269SS and 269T and, therefore, no penalty could be levied under section 271D/271E.
