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Section 271E

Latest Articles


Penalties and Prosecutions Under Income tax Act, 1961

Income Tax : Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potent...

September 6, 2024 493545 Views 4 comments Print

ITAT Upholds Penalty for Loan Repayment in Cash Despite Poor Cheque Clearance History

Income Tax : ITAT upholds penalty against taxpayer for cash repayment of loans, contravening Section 269T of Income-tax Act. Explore implicatio...

March 14, 2024 897 Views 0 comment Print

Legitimacy of repayments through Journal Entries – Whether liable to penalty?

Income Tax : Explore the impact of Income Tax Sections 269SS, 269ST, 269SU, and 269T on transactions via Journal/Book Entries. Learn about legi...

February 27, 2024 6984 Views 0 comment 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 10107 Views 1 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 8001 Views 0 comment Print


Latest Judiciary


Section 271E penalty Initiation without recording reasons unsustainable: Madras HC

Income Tax : Madras High Court held that the Assessment Officer has not recorded the reasons for arriving at a subjective satisfaction to initi...

September 21, 2024 318 Views 0 comment Print

Penalty not leviable as violation of section 269SS and 269T not justified without clear finding: ITAT Ahmedabad

Income Tax : ITAT Ahmedabad held that imposition of penalty u/s. 269D and 269E of the Income Tax Act without clear finding along with authentic...

August 30, 2024 405 Views 0 comment Print

Consolidated Imposition of Sections 271D & 271E Penalty Unjustified: ITAT Cochin

Income Tax : ITAT Cochin held that imposition of penalty u/s. 271D and 271E of the Income Tax Act  in consolidated manner is unjustified as AO...

August 26, 2024 291 Views 0 comment Print

Penalty u/s. 271D unwarranted as reasonable cause shown for cash receipt on sale of property: ITAT Bangalore

Income Tax : ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for ...

August 15, 2024 819 Views 0 comment Print

Initiation of Section 271D/271E penalty must arise out of assessment proceedings

Income Tax : ITAT Bangalore held penalty initiation under Sections 271D/271E must be noted in assessment order; temporary family loans without ...

August 13, 2024 246 Views 0 comment Print


Latest Notifications


Limitation for penalty proceedings U/s. 271D & 271E

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...

April 26, 2016 7363 Views 0 comment Print

Limitation commencement for penalty proceedings U/s. 271D &271E

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...

April 26, 2016 2647 Views 0 comment Print


Latest Posts in Section 271E

Section 271E penalty Initiation without recording reasons unsustainable: Madras HC

September 21, 2024 318 Views 0 comment Print

Madras High Court held that the Assessment Officer has not recorded the reasons for arriving at a subjective satisfaction to initiate penalty proceedings under Section 271E of the Act, which is mandatory. Thus, order set aside.

Penalties and Prosecutions Under Income tax Act, 1961

September 6, 2024 493545 Views 4 comments Print

Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potential legal consequences.

Penalty not leviable as violation of section 269SS and 269T not justified without clear finding: ITAT Ahmedabad

August 30, 2024 405 Views 0 comment Print

ITAT Ahmedabad held that imposition of penalty u/s. 269D and 269E of the Income Tax Act without clear finding along with authentic evidence that provisions of section 269SS and 269T are violated is unsustainable.

Consolidated Imposition of Sections 271D & 271E Penalty Unjustified: ITAT Cochin

August 26, 2024 291 Views 0 comment Print

ITAT Cochin held that imposition of penalty u/s. 271D and 271E of the Income Tax Act  in consolidated manner is unjustified as AO has to point out each entry where such acceptance or repayment is Rs. 20,000/- or more.

Penalty u/s. 271D unwarranted as reasonable cause shown for cash receipt on sale of property: ITAT Bangalore

August 15, 2024 819 Views 0 comment Print

ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for accepting the cash on account of sale of immovable property.

Initiation of Section 271D/271E penalty must arise out of assessment proceedings

August 13, 2024 246 Views 0 comment Print

ITAT Bangalore held penalty initiation under Sections 271D/271E must be noted in assessment order; temporary family loans without interest are not penalized as deposits.

No penalty for cash loan from Directors for Business Exigency: ITAT Chennai

July 18, 2024 495 Views 0 comment Print

Read the detailed analysis of ITAT Chennai’s decision on penalties under sections 269SS and 269T for Pearl Beach Promoters P. Ltd. in the case of cash loans from directors.

No section 271D penalty for Cash receipt if reasonable cause exist

July 4, 2024 867 Views 0 comment Print

Read the full text of the ITAT Bangalore order in Laxmilal Badolla Vs NFAC. Penalty under Sec 271D cancelled due to reasonable cause, detailed analysis and conclusion included.

Section 271D & 271E Penalty cannot be levied if assessment is quashed

July 1, 2024 1173 Views 0 comment Print

Penalty u/s. 271D and 271E of the Income Tax Act cannot be imposed if assessment proceedings are quashed. Detailed analysis of Ravi Nirman Nigam Ltd Vs ACIT (ITAT Mumbai) and its implications.

ITAT Delhi explains limitation for passing of penalty order

June 13, 2024 846 Views 0 comment Print

Detailed analysis of ITO vs Turner General Entertainment Networks India Pvt. Ltd. case before ITAT Delhi. Penalty order deemed invalid due to limitation.

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