Income Tax : Indian tax law restricts cash transactions to promote digital payments. Limits apply to expense payments (Sec 40A(3): ₹10k/day),...
Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Understand relief mechanisms and defences under Section 271D of the Income Tax Act for accepting cash loans or deposits over ₹20...
Income Tax : Supreme Court ruling on cash property deal cites wrong tax law (269ST instead of 269SS), but mandates reporting of large cash tra...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : The Tribunal ruled that mere observations about cash transactions are insufficient to levy penalty under Section 271D. A specific ...
Income Tax : The Telangana High Court set aside a penalty under Section 271D after finding that the assessment order contained no recorded sati...
Income Tax : ITAT Kolkata set aside the penalty order under Section 271D after the assessee claimed inadequate opportunity of hearing during pe...
Income Tax : The Court ruled that although the Joint Commissioner is the competent authority to levy penalty, initiation of proceedings still r...
Income Tax : The Gujarat High Court held that revisional powers under Section 263 cannot be invoked merely because the Commissioner prefers ano...
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...
The ITAT ruled that seized parallel Tally data, reflecting higher sales and income, constitutes reliable incriminating material, validating assessments made under Section 153A. The tribunal sustained additions for higher gross profit and unexplained credits after the taxpayer failed to disprove the parallel records’ accuracy, reinforcing the presumption under Section 292C.
ITAT Pune held that sum has been received for work relating to interior and other finishing work and total consideration is received through banking channel. Hence, there is no violation of section 269SS of the Income Tax Act. Hence, penalty u/s. 271D not leviable. Accordingly, appeal of revenue dismissed.
Bangalore ITAT condones 98-day delay and restores penalty appeals u/s 271D/271E, directing CIT(A) to re-examine the genuine nature of cash received and repaid to a paternal uncle for education.
Bangalore ITAT cancelled a penalty u/s 271D on an 82-year-old for receiving Rs.10 lakh cash from a property sale, finding “reasonable cause” u/s 273B due to his bona fide belief and the transaction’s genuineness.
ITAT Delhi dismissed Revenue’s appeal, confirming deletion of a Rs. 25 crore penalty imposed under Section 271D. Tribunal ruled that penalty, based solely on a seized MOU and assumptions without proof of cash movement, was not legally sustainable.
The Allahabad High Court has set aside an ex-parte penalty order issued against Beyond Research And Development Limited, ruling that the denial of an opportunity to be heard violated principles of natural justice and procedural fairness.
ITAT Hyderabad deletes penalty u/s 271D on cash receipts for agricultural land sale, citing reasonable cause and prior rulings. Appeals allowed
Appeal against cancellation of penalty under Section 271D was dismissed for failure to cure defects despite multiple opportunities. Tribunal left open option for Revenue to refile after compliance.
Pune ITAT voids Rs 1 crore penalty against Karia Builders. Tribunal rules penalty proceedings are invalid if the underlying assessment is legally flawed and highlights the need for proper sanction for reassessment notices.
The ITAT Cochin confirmed a penalty under Section 271D for a taxpayer who accepted a large cash payment for property, ruling that ignorance of the law is not a reasonable cause.
