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...
Jagdish Chandra Suwalka Vs JCIT (ITAT Jaipur) ITAT observed that the provisions contained u/s 275(1)(a)are not applicable on the facts of present case for the reason that undisputedly no appeal has been filed against the assessment order passed on 28.12.2017. Therefore, it cannot be said that the relevant assessment or other order was subjected to […]
ITAT Jaipur rules in favor of Shri Deepak Mata, deleting penalties under Sections 271E and 271D for loan transactions below Rs.20,000 threshold.
Share application money is not loan or deposit and hence not falls u/s 269SS of the Act and penalty u/s 271D cannot be levied.
ITAT Bangalore held that provisions of section 269SS of the Income Tax Act cannot be applied when explanation given by the assesse constitutes a reasonable cause. Accordingly, concluded that bonafide business transaction cannot be considered for levying the penalty u/s 271D of the Act.
ITAT Delhi held that share application money received in cash for allotment of shares would not amount either to a loan or deposit within the meaning of Section 269SS of the Income Tax Act. Accordingly, penalty u/s 271D not leviable.
ITAT Delhi held that in absence of any reasonable cause for taking cash loan (i.e. contravening provisions of section 269SS of the Income Tax Act), penalty under section 271D of the Income Tax Act duly leviable.
ITAT Chennai held that amount of Rs. 14 Lakhs received in cash for sale of immovable property is against the provisions of section 269SS of the Income Tax Act. Accordingly penalty under section 271D imposable.
ITAT Indore held that penalty under section 271D and section 271E are not attracted in case of loan given. Accordingly, penalty proceeding imposing penalty u/s 271D/ 271E of the Income Tax Act in case of loan given is invalid.
ITAT Bangalore held that penalty u/s 271D of the Income Tax Act is leviable on loan taken by way of cash. Notably, repayment of cash loan by way of cheque wouldn’t exonerate the assessee from levy of penalty.
H.K. Infraventure Pvt. Ltd. Vs JCIT (ITAT Allahabad) there was no valid and reasonable cause for assesse to have received loan or deposit of Rs. 1,10,02,000/- in cash from its Director namely Mr. Hemant Kumar Sindhi, more so Allahabad(Now Prayagraj), U.P. is having all the requisite banking facilities available, and there was no reason and […]
