Income Tax : Discover penalties and prosecutions under the Income Tax Act, 1961, including default conditions, quantum of penalties, and potent...
Income Tax : ITAT upholds penalty against taxpayer for cash repayment of loans, contravening Section 269T of Income-tax Act. Explore implicatio...
Income Tax : Explore the impact of Income Tax Sections 269SS, 269ST, 269SU, and 269T on transactions via Journal/Book Entries. Learn about legi...
Income Tax : Explore provisions and penalties in the Income Tax Act 1961 regarding cash transactions. Understand limits for loans, deposits, an...
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 : ITAT Bangalore held that penalty under section 271D of the Income Tax Act not leviable in terms of section 273B of the Income Tax ...
Income Tax : Madras High Court held that the Assessment Officer has not recorded the reasons for arriving at a subjective satisfaction to initi...
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...
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...
Income Tax : ITAT Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for ...
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...
Detailed analysis of ITO vs Turner General Entertainment Networks India Pvt. Ltd. case before ITAT Delhi. Penalty order deemed invalid due to limitation.
Calcutta High Court held that share application money or its repayment does not fall under Section 269SS & 269T, as the same are not loans or deposits, and do not attract penalties under Sections 271D and 271E of Income Tax Act.
Rajendra Kumar Mishra vs. ACIT case: ITAT Kolkata directs re-evaluation as AO misinterpreted PCIT’s orders on loan payments.
ITAT upholds penalty against taxpayer for cash repayment of loans, contravening Section 269T of Income-tax Act. Explore implications and alternatives.
Explore the case of DCIT Vs Platinum Towers Pvt. Ltd. (ITAT Delhi) regarding personal expenses treated as income, penalties under Section 269SS, and conclusions on the matter.
Explore the impact of Income Tax Sections 269SS, 269ST, 269SU, and 269T on transactions via Journal/Book Entries. Learn about legislative framework, judicial interpretations, and penalties.
ITAT Delhi cancels penalty imposed under section 271E of the Income Tax Act on Pawan Kumar for loan repayment via bank transfer, challenging jurisdiction and citing legal grounds. Full text of the order included.
Sunil Dandriyal vs JCIT case underscores significance of understanding the correct starting point for calculating the time limit for penalty proceedings under Section 271D of the Income Tax Act. The decision reinforces the principle that the initiation of penalty proceedings by the AO, rather than the issuance of a show-cause notice by the JCIT, triggers the commencement of the statutory time limit.
Delhi High Court ruling on PCIT vs. Thapar Homes Ltd. emphasizes issuing notices under Section 274 before the Income Tax Act’s limitation period. Full judgment analysis.
ITAT Chennai held that there is no violation of provisions of section 269SS when all sale deeds were registered and cash payment was made at one go before the sub-registrar at the time of registration of sale deeds of plots. Hence, penalty u/s 271D not leviable.