Income Tax : A summary of key penalties under the Income Tax Act for AY 2026-27, covering defaults from late filing and non-payment to misrepor...
Income Tax : Simplified penalty timelines under Section 275 effective April 2025, including changes in penalty powers, omissions, and clarifica...
Income Tax : Income Tax Act amendments propose penalties by Assessing Officers instead of Joint Commissioners. Omission of section 271BB and ch...
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 : The Hyderabad ITAT held that only the actual period lost during the limitation period can be excluded under Explanation-1 to Secti...
Income Tax : The Telangana High Court set aside a penalty under Section 271D after finding that the assessment order contained no recorded sati...
Income Tax : ITAT Delhi held that levy of penalty under Section 271D requires pending or completed assessment proceedings containing findings o...
Income Tax : The ITAT held that unverified third-party excel sheets without corroborative evidence cannot justify additions under Sections 69 o...
Income Tax : The ITAT ruled that penalty proceedings under Section 271D are invalid if the Assessing Officer fails to record satisfaction in as...
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...
ITAT Raipur held that assessee failed to put forth the reasonable cause because of which provisions of section 269T of the Income Tax Act was not complied. Accordingly, penalty under section 271E of the Income Tax Act leviable.
ITAT Jaipur rules in favor of Shri Deepak Mata, deleting penalties under Sections 271E and 271D for loan transactions below Rs.20,000 threshold.
Share application money is not loan or deposit and hence not falls u/s 269SS of the Act and penalty u/s 271D cannot be levied.
Devinder Gupta & Sons (HUF) Vs CIT (ITAT Delhi) It is an admitted position that the assessee had taken loan from the lender in the earlier years, a part of which has been repaid during the year albeit in cash. The amount of loan has been consequently reduced. A confirmation whereof from the lender has […]
ITAT Indore held that penalty under section 271D and section 271E are not attracted in case of loan given. Accordingly, penalty proceeding imposing penalty u/s 271D/ 271E of the Income Tax Act in case of loan given is invalid.
ITAT Delhi held that penalty u/s 271E of the Income Tax Act leviable on account of repayment of loan in cash in excess of Rs. 20,000 vis-à-vis failure of assessee to prove that such payment is covered by exceptional circumstances covered under section 269T.
Held that there was bonafide belief of the assessee that passing journal entries, even though in violation of mode prescribed u/s. 269SS and section 269T, is permissible. Entries done before judgement of Hon’ble Bombay HC in the case of Triumph International. Penalty deleted on the basis of reasonable cause.
Sunil M. Bhide Vs Addl. CIT (ITAT Pune) It is seen from the penalty order that the assessee pleaded before the AO that he started construction of a commercial building on his plot. The construction work was halted because of paucity of funds. The said plot of land along with part construction was leased out […]
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.
