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 : 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 : Section 54F amendment restricting exemption to one residential house was prospective, applying only from April 1, 2015 and Violat...
Income Tax : Calcutta High Court held that share application money or its repayment does not fall under Section 269SS & 269T, as the same are n...
Income Tax : Rajendra Kumar Mishra vs. ACIT case: ITAT Kolkata directs re-evaluation as AO misinterpreted PCIT's orders on loan payments....
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...
Discover why cash payments should be avoided for personal and business transactions. Learn about the deductions affected and the potential consequences of using cash. Stay compliant with tax regulations.
ITAT Chennai held that penalty u/s 271D and 271E of the Income Tax Act duly leviable as reasonable cause for accepting loans and advances in cash in contravention of provisions of Sec.269SS & 269TT not explained.
ITAT Delhi held that penalty u/s 271D of the Income Tax Act is without any satisfaction and, therefore, no such penalty can be levied. Accordingly, penalty u/s 271D quashed.
Landmark case of DCIT Vs Trans Asia Packaging Ltd, where ITAT Delhi provided clarity on transactions post amalgamation under Section 269SS of Income Tax Act
ITAT Ahmedabad held that penalty under section 271D of the Income Tax Act leviable for contravention of provisions of section 269SS on failure to establish any reasonable cause for taking cash loans.
ITAT Indore held that as AO unable to found source of any cash loans during the search proceedings, provisions of section 269SS/ 269T of the Income Tax Act cannot be applied.
Sri Raja Reddy Nalla Vs Add. CIT (ITAT Hyderabad) Assessee had received cash in connection with sale of immovable property . As the amount was more than the specified limit of Rs. 20,000/- , penalty proceedings u/s. 271D were initiated for violating Sec 269SS and penalty order u/s. 271D was passed levying a penalty of […]
ITAT Ahmedabad held that penalty under section 271D of the income Tax Act not leviable as reasonable cause for violation of provisions of section 269SS duly demonstrated.
ITAT Delhi held that considering the bonafide and genuine transaction, reasonable cause in terms of section 273B of the Act, exist in the case of the assessee for not complying with the provision of section 269SS and 269T, and therefore, penalty u/s 271D and 271E not leviable.
ITAT Bangalore held that any proceedings taken against the deceased before his death shall be deemed to have been taken against the legal representative. However, penalty order passed in the name of death person after his death is invalid.
