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Section 271D

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Cash Received From Transfer of Property – No Penalty In Case of Reasonable Cause

Income Tax : Learn about Section 269SS and penalties for cash transactions in property transfers. Case analysis, judicial pronouncement, and ex...

January 15, 2024 11178 Views 2 comments Print

Income Tax: Cash in hand, with limits to understand- Part 1

Income Tax : Explore provisions and penalties in the Income Tax Act 1961 regarding cash transactions. Understand limits for loans, deposits, an...

January 2, 2024 5733 Views 1 comment Print

Beware of Cash Transaction under Income Tax Act

Income Tax : Discover the legal constraints around cash transactions under India's Income Tax Act. Learn about the various sections that impose...

September 11, 2023 5937 Views 0 comment Print

Implication of Cash transactions under Income Tax Act, 1961

Income Tax : Through Income tax Act, 1961 cash transaction has been limited, restricted in certain cases. In this article you will get insights...

September 1, 2023 7260 Views 0 comment Print

Section 115BBE needs Relook: Know Misuse, Consequences & Judicial Precedents

Income Tax : Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates,...

August 12, 2023 10281 Views 0 comment Print


No section 271D Penalty on wife for receiving money from husband for purchase of family property

October 29, 2021 3789 Views 0 comment Print

Penalty under section 271D could not be levied on wife for receiving money from her husband for purchase of family property as practice of registering the property in name of the wife was guided by various family and societal factors besides encouragement of the Government for such transactions entered into by female members in the family by way of reduced stamp duty and she had offered reasonable explanation justifying the cash transactions

Section 271D & 271E Penalty proceedings are independent of assessment proceedings

September 20, 2021 6312 Views 0 comment Print

Penalty proceedings under section 271D or 271E were independent proceedings and had nothing to do with assessment proceedings or its outcome. Therefore, CIT(A) was not justified in cancelling the orders imposing penalty on the ground that the assessment proceedings, during the course of which, penalty u/s.271D and 271E were initiated had been held to be invalid.

Mere conviction under N.I. Act cannot lead to presumption of contravention of Section 269SS provisions

September 6, 2021 1527 Views 0 comment Print

Mohan Lal Vs JCIT (ITAT Jaipur) Magistrate had convicted the assessee on the complaint filed U/s 138 of the N.I. Act by Shri Aditya Kumar Sharma but that does not ipso facto mean that assessee has taken or accepted any loan or deposit or any specified sum in cash from the said Aditya Kumar Sharma. […]

Willful attempt in violation of section 269SS and Section 271D Penalty

May 29, 2021 3948 Views 0 comment Print

Respected Sir , My submissions are as under relying the provision of section 273B of the Act, 1961 as there is every reasonable cause with the assessee which is argued in writing detailed as under before you . Basically assessee is a farmer and in possession of sufficient agriculture lands . He is earning agriculture […]

No section 271D penalty if reasonable cause exist & AO fails to Record satisfaction

March 10, 2021 1440 Views 0 comment Print

Sarita Singh Vs Addl. CIT (ITAT Delhi) Section 273B of the I.T. Act provides that no penalty shall be imposable on the persons or the assessee as the case may be for any failure referred to in section 271D of the I.T. Act, if he proves that there was a reasonable cause for the said […]

Section 271D Penalty Not Valid If Assessee Bonafidely explains Reasonable Cause

February 23, 2021 9708 Views 0 comment Print

Bapujibuwa Nagari Sahakari Pat Sanstha Maryadit VS JCIT (ITAT Pune) The expression ‘reasonable cause’ has to be considered pragmatically and if the facts of the present case are examined keeping this legislative spirit in mind, we find that there were enough circumstances to show that the assessee company had acquired bona-fide belief that its activities […]

Restrictions on Loans, Deposits & Advances- Section 269SS & 269T

November 23, 2020 15561 Views 0 comment Print

Analysis of Section 269SS of the Act This section was introduced in the Act with the objective that Unaccounted cash found in the course of searches carried out by the Income-tax Department is often explained by taxpayers as representing loans taken from or deposits made by various persons. Unaccounted income is also brought into the […]

Surgical Strike on Cash Transactions

August 25, 2020 7479 Views 2 comments Print

a) Legal Measure Applicable to Receipt of Money i. Section 13A : Exemption for certain income of political parties No donation exceeding Rs.2000 is received by such political party otherwise than by an account payee cheque drawn on a bank or an account payee bank draft or use of electronic clearing system through a bank […]

Income Tax Law Relating To Cash Transactions

July 9, 2020 21441 Views 3 comments Print

A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The […]

Measures to discourage Cash Transactions by CBDT

July 2, 2020 4893 Views 3 comments Print

Measures taken to discourage Cash Transactions and to promote Digital Economy by CBDT Introduction:- a) Sections 269SS and 269T which deals with cash payment and repayment of loans and deposits. b) Both the sections were introduced to curb the black money. Tax evasion is one of the serious problems in India causing economic disparities. c) […]

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