Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Income Tax Act amendments propose penalties by Assessing Officers instead of Joint Commissioners. Omission of section 271BB and ch...
Income Tax : Post-Finance Bill 2025, penalties under specified sections of the Income-tax Act will be levied by the Assessing Officer, with Joi...
Income Tax : Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potent...
Income Tax : Understand key provisions on disallowance of cash expenses, limits on cash transactions, and penalties under Sections 269T, 269SS,...
Income Tax : ITAT Delhi quashes penalty under Section 271D as Section 153C assessment was declared void for lack of incriminating material, cit...
Income Tax : ITAT Jaipur quashes 271D penalty against Balbir Singh, ruling funds received were advances, not loans, after verifying property ow...
Income Tax : ITAT Chennai ruled that brokers facilitating land deals are not liable under Section 269SS as they act on behalf of clients and do...
Income Tax : In the recent ruling Hon'ble HC have observed that penalty proceedings, initiated u/s 271 D is barred by delay & laches as period ...
Income Tax : Rajasthan High Court quashes penalty proceedings under Section 271E of Income Tax Act citing lack of satisfaction recording in rea...
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...
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 […]
It is evident that the assessee had received cash amounts, but deposited in its Bank A/c which is in violation of the provisions contained in Section 269SS. But like any other penalty, the operation of Section 271D with reference to the violation of the provisions contained in Section 269SS also is not automatic.
Hitesh Manshukhbahi Dave Vs JCIT (ITAT Rajkot) Gujarat High Court in the case of Dr. Rajaram L. Akhaniv ITO [2017] 88 taxmann.com 693 (Gujarat) has held that where assessee had accepted a sum of Rs. 2 lakhs from his son to meet urgent requirement of depositing margin money in bank account for buying a vehicle […]
Once, it is established that these payments are for construction contract and particularly the AO has made disallowance by invoking the provisions of section 40A(3) of the Act, no disallowance can be made by invoking the provisions of section 269SS of the Act for levy of penalty u/s.271D of the Act.
Dr. Sankaran Sundar Vs ITO (ITAT Bangalore) The penalty imposed u/s 271D of the I.T.Act is independent of assessment proceedings completed u/s 143(3) of the I.T.Act. Even without completion of assessment u/s 143(3) of the I.T.Act, penalty u/s 271D of the I.T.Act can be imposed for violation of provisions of section 269SS of the I.T.Act. […]
Due to paucity of time, the urgency and considering various factors that go into finalizing the transaction, the assessee was forced to accept cash to go ahead with the execution of the sale deed. The above facts clearly stipulated a `reasonable cause’ as mandated u/s 273B of the I.T.Act for violation of the provisions of section 269SS of the I.T.Act.
ITAT Bangalore held that levy of penalty u/s 271D, for violation of provisions of section 269SS of the Income Tax Act, is unwarranted as the loan was advanced by the Executive Directors to the company in cash to meet the urgent requirements of the company.
CIT Vs Dimpal Yadav (Allahabad High Court) In the instant case, we find that the Tribunal has given a categorical finding that the assessee had established a reasonable cause for failure to comply with the provision of Section 269SS of the Act. The Tribunal further found that the loan given by the Samajwadi Party was […]
CIT Vs Panchsheel Owners Associations (Gujarat High Court) While completing the assessment, the Assessing Officer has noticed that the assessee, an AOP, borrowed loan of Rs. 40,00,000/- from Smt. Shantaben A. Patel, main promoter of the AOP, in cash for expeditious acquisition of land, in violation of section 269SS of the I.T. Act. Therefore, penalty […]
Loans been taken by Assessee from a sister concern in cash to make payments to labourers at site. This was held to be a reasonable explanation
