Income Tax : Learn about Section 269SS and penalties for cash transactions in property transfers. Case analysis, judicial pronouncement, and ex...
Income Tax : Explore provisions and penalties in the Income Tax Act 1961 regarding cash transactions. Understand limits for loans, deposits, an...
Income Tax : Discover the legal constraints around cash transactions under India's Income Tax Act. Learn about the various sections that impose...
Income Tax : Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights...
Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...
Income Tax : ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for ...
Income Tax : ITAT Bangalore held penalty initiation under Sections 271D/271E must be noted in assessment order; temporary family loans without ...
Income Tax : Read the detailed analysis of ITAT Chennai's decision on penalties under sections 269SS and 269T for Pearl Beach Promoters P. Ltd....
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...
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...
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...
Read the detailed analysis of Vijapurapu Sudha Rao vs ITO case by ITAT Visakhapatnam. No penalty under section 271D for cash sale if promptly deposited in the bank.
ITAT Chennai held that there is no violation of provisions of section 269SS when all sale deeds were registered and cash payment was made at one go before the sub-registrar at the time of registration of sale deeds of plots. Hence, penalty u/s 271D not leviable.
Explore provisions and penalties in the Income Tax Act 1961 regarding cash transactions. Understand limits for loans, deposits, and repayments to avoid penalties.
No person should accept any loan or deposit of a sum of Rs.20,000/- or more otherwise than by an account payee cheque or account payee bank draft. Where a person advance cash more than Rs.20,000/- to another person, restriction on cash advances was, in fact, on the taker and not on the person who made an advance.
Madras High Court addresses penalty proceedings in Annamalai Bus Transports vs. PCIT for AY 2018-19. No cash transaction, emphasizes fair assessment.
ITAT quashes penalty order under section 271D as it was time-barred. Detailed analysis of Ram Kishan Verma Vs Additional CIT (ITAT Jaipur) case.
An in-depth analysis of the case Sofitra Impex Pvt. Ltd. vs. ACIT (ITAT Delhi) regarding violations of Section 269SS and 269T of the Income Tax Act.
Delhi High Court held that the notice under Section 274 of the Income Tax Act should have been issued before the period of limitation as prescribed under section 275(1)(c) of the Income Tax Act.
ITAT Delhi held that disallowance under section 40A(2)(b) of the Income Tax Act on merely estimating that more income should have been earned from sub-contracting without bringing any comparable figures is unsustainable in law.
In an income tax penalty case, ITAT Chennai dismisses the appeal, upholding that advances received by Dr. M.N. Kumaresan constitute gifts and are exempt from penalty under section 271D.
