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...
ANALYSIS OF SEC 269SS No person shall accept, from any other person, loan, deposit or any specified sum otherwise than by A/c payee cheque, bank draft or use of ECS through a bank account or through such other electronic mode as may be prescribed, if:
Apart from penalty for various defaults, the Income-tax Act also contains provisions for launching prosecution proceedings against the taxpayers for various offences. In this part you can gain knowledge about the various provisions relating to prosecution which can be launched under the Income-tax Act.
Apart from levy of penalty for various defaults by the taxpayer, the Income-tax Law also contains provisions for launching prosecution for offences committed by the taxpayer. In this part you can gain knowledge about offences in respect of which prosecutions can be launched under the Income-tax Law.
In the tutorial on Penalties Under the Income-tax Act, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions
Under the Income-tax Act, penalties are levied for various defaults committed by the taxpayer. Some of the penalties are mandatory and a few are at the discretion of the tax authorities. In this part, you can gain knowledge about the provisions relating to various penalties leviable under the Income-tax Act.
Penalty under Section 271E is not permissible in the absence of regular assessment framed against the assessee by the Revenue.
Balwan Singh Vs ACIT (ITAT Delhi) The assessee is engaged as a transporter and has not maintained any regular books of account. The assessment has been made on estimations, keeping in mind the transportation receipts earned by the assessee which also includes some of impugned entries towards cash receipts by way of loan. The assessee […]
Mohit Singh L/H of Late Shri Balwant Singh Vs JCIT (ITAT Delhi) As pointed out on behalf of the assessee, an assessment under Section 143(3) r.w. Section 147 was completed in the instant case, wherein the Assessing Officer has not observed any repayment of loan in cash as alleged in the penalty order. On perusal […]
Acceptance and repayment of cash for personal purpose between near relatives did not not attract sections 269SS and 269T and, therefore, no penalty could be levied under section 271D/271E.
DCIT Vs Macrotech Developers Ltd. (successor to M/s. Bellissimo Crown Buildmart Pvt. Ltd. (ITAT Mumbai) The ld. CIT(A) gave a categorical finding that the transactions carried out with the aforesaid three parties i.e. Jawala Real Estate Pvt. Ltd., Shreeniwas Cotton Mills Limited & Lodha Developers Private Limited, which are subject matter of levy of penalty […]