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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 497418 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 921 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 7128 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 10470 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 8037 Views 0 comment Print


Latest Judiciary


Penalty u/s. 271D set aside as claim made in an open and bonafide manner: ITAT Bangalore

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 ...

November 7, 2024 405 Views 0 comment Print

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 336 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 438 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 327 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 864 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 7372 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 2668 Views 0 comment Print


Restrictions on Cash Loans, Deposits & Advances under Income Tax

June 12, 2022 55287 Views 0 comment Print

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:

Prosecutions and Punishment under Income Tax Act, 1961

June 11, 2022 48123 Views 7 comments Print

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.

Income Tax Offences liable to prosecution

June 8, 2022 57344 Views 4 comments Print

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.

Power of Commissioner to Reduce or Waive Income Tax Penalty

June 8, 2022 62809 Views 2 comments Print

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

Penalties under Income-Tax Act, 1961

June 8, 2022 110737 Views 2 comments Print

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.

Section 271E penalty cannot be Levied in absence of Regular Assessment

May 11, 2022 1851 Views 0 comment Print

Penalty under Section 271E is not permissible in the absence of regular assessment framed against the assessee by the Revenue.

Loan Received/paid in cash to meet immediate business requirements – ITAT cancels section 271D/271E penalty

April 10, 2022 1005 Views 0 comment Print

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 […]

ITAT deletes Section 271E penalty as assessee is deceased & authenticity of transaction cannot be vouched

April 3, 2022 843 Views 0 comment Print

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 […]

No penalty for Acceptance and repayment of cash for personal purpose between near relatives

March 4, 2022 9366 Views 0 comment Print

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.

No Section 271D/271E penalty merely for Squaring off loan transaction by Journal entries

December 28, 2021 4812 Views 0 comment Print

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 […]

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