Section 271D - Page 5

Time limit for initiation of penalty proceedings u/s 271D & 271E to be reckoned from date of JCIT Notice

Grihalakhsmi Vision Vs Additional CIT (Kerala High Court at Ernakulam)

The Hon'ble Kerala High Court in the case of Grihalakshmi Vision held that the penalty proceeding under Sec 271D and 271E can be initiated by Joint commissioner only and the limitation period of six months to be reckoned from the end of month of initiation of penalty proceedings by Joint ...

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No penalty u/s 271D on cash loan taken more than Rs. 20,000 if it is routed through Bank

CIT-II, Agra Vs Smt. Dimpal Yadav (Allahabad High Court)

In a landmark judgement of Hon’ble Allahabad High Court in the case of CIT- V. Smt. Dimpal Yadav, it was held that where even through assesee had taken a loan in cash, since loan was routed through bank account of the assessee for the payment to Government for converting land into free ...

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Penalty u/s 271D & 271E for raising & repayment of loans in cash cannot be imposed if sufficient reasonable cause exist

Envogue Wood Working Pvt Ltd Vs ACIT (ITAT Delhi)

ITAT held in Envogue Wood Working Pvt Ltd Vs ACIT that if the assessee had taken and repaid the loan in cash and provided the sufficient reasonable cause of doing such then penalty u/s 271D & 271E would not be imposed....

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Penalty not invokable if barred by limitation or there is absence of mala fide intention

Smt. Parin K. Rajwani Vs JCIT (ITAT Mumbai)

The ld. Counsel for the assessee for the year AY 2007-08 regarding the imposition of penalty contended that the Assessee were not aware of the provisions of Law in which the receipt of loan through cheque or bank draft was required. ...

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Loans or Deposits under Sec 269SS of Income Tax Act, 1961

No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000. This provision has come into force to counteract the evasion of tax by mode of acceptance of money in certain cases. The objective is to prevent tran...

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Posted Under: Income Tax |

Loans advanced by partner to firm does not fall in the purview of Sec 269SS

M/s Muthoot Financiers group firms Vs CIT (Delhi High Court)

The respondent assessee in all these appeals are partnership firms engaged in the business of banking and registered under the Kerala Money Lending Act. The assessees had filed return of income and the same was accepted in due course....

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Penalty u/s 271D & 271E cannot be levied on transaction entered through journal voucher

Goldstar Electricals Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Hon’ble Bombay High Court in the case of Triumph International Finance (I) Ltd., 345 ITR 270, held that settling claims by making journal entries in the respective books is also one of the recognized modes of repaying loan or deposit. In the absence of any finding recorded in the assessment order or in the penalty order to the effect th...

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Advance in cash for Property Covered by Section 269SS & 269T wef 01.06.2015

Mode of taking or accepting certain loans, deposits and specified sums and mode of repayment of loans or deposits and specified advances The earlier provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account [&hellip...

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Posted Under: Income Tax | ,

Changes In Direct Tax Provisions Effective from 01-06-2015 along with PPT

As per Section 269SS if specified sum (any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immovable property, whether or not the transfer takes place) taken or accepted in cash is Rs. 20,000 or more , penalty equal to amount taken shall be imposed under S. 271D....

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Posted Under: Income Tax |

Harsh Penalty for Property Transaction in Cash of Rs. 20,000 or more w.e.f. 1st June, 2015

According to section 269SS of Income Tax Act, while transacting Immovable Property, 100% penalty will be levied if seller has accepted an amount of Rs. 20,000 or more in cash from the buyer. e.g. if for selling an immovable property 'A' has received an amount of Rs.1 lakh in cash from 'B' then 'A' has to pay 100% penalty of Rs. 1 lakh....

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Posted Under: Income Tax |

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May 2020