2014 (7) TMI 808 - ITAT HYDERABAD
ITO, Ward 11(2), Hyderabad Versus M/s. Laxmi Srinivasa Finance Corporation
Penalty u/s 271D – cash transaction with OSFC a unit of assessee - Cash deposits received more than ₹ 10,000 – Violation of provisions of section 269SS - Held that:- OSFC is not different from the assessee firm and the AO assessed the income/l ......
2014 (7) TMI 522 - ITAT COCHIN
DEPUTY COMMISSIONER OF INCOME TAX, KOTTAYAM Versus SHRI LISTIN STEPHEN
Acceptance of loan in Cash - violation of section 269SS - Penalty u/s 271D of the Act – Purpose of loan – Business or not - The claim of the assessee is that he has accepted loans from various persons by way of cash and returned the same to the perso ......
2014 (7) TMI 137 - GUJARAT HIGH COURT
COMMISSIONER OF INCOME-TAX AHMEDABAD IV Versus MAA KHODIYAR CONSTRUCTION
Penalty u/s 271D of the Act – Exception to section 269SS of the Act – Cash accepted exceeding the limit – Genuineness of loan/ deposit transaction – Held that:- A sum of ₹ 42.75 lakhs has been taken by way of loan by the respondent from ten di ......
2014 (6) TMI 47 - DELHI HIGH COURT
Commissioner of Income Tax-VI Versus Worldwide Township Projects Ltd.
Validity of order of Penalty u/s 271D of the Act – Bar of limitation as provided in Section 275(1)(c) of the Act – Violation of section 269SS of the Act - Held that:- The ambit of the Section 269SS is clearly restricted to transaction involving accep ......
2014 (5) TMI 665 - ITAT DELHI
M/s. Toscana Lasts Limited Versus ITO, Ward 16 (3), New Delhi
Levy of penalty u/s 271D of the Act – Cash loan taken for purchase of property - Held that:- Assessee relied upon MOU dated 2.7.2008 - the assessee alongwith Mr. R.M. Zafarullah had jointly invested money to purchase property and thereafter share pro ......
2014 (5) TMI 436 - PUNJAB & HARYANA HIGH COURT
M/s. Charan Dass Ashok Kumar, Moga (AADFC3410D) Versus Commissioner of Income Tax III, Ludhiana
Penalty u/s 271D - Acceptance of loan in Cash by the appellant firm from its agriculturist customer - violation of provisions of section 269SS - Refusal to take cognizance of extract of cash book – Documentary evidence furnished or not – Held that:- ......
2014 (5) TMI 388 - ITAT HYDERABAD
The Deputy CIT Central Circle-6, Hyderabad Versus Smt. C. Swapna, Hyderabad
Scope of section 269SS of the Act – Journal entries – Penalty proceedings u/s 271D of the Act – Held that:- Following Smt. C. Swapna, Hyderabad [2014 (4) TMI 71 - ITAT HYDERABAD] - The assessee challenged the penalty proceedings initiated u/s 271D of ......
2014 (5) TMI 271 - ITAT AHMEDABAD
Income-tax Officer Versus Smt. Sapna Sandip Shah Gajra Nivas, Jain Society
Deletion of Penalty u/s 271D of the Act – Cash loans noticed during assessment – Violation of section 269SS of the Act - Held that:- Relying upon CIT us. Noida Toll Bridge Co. ltd. [ 2003 (1) TMI 46 - DELHI High Court] the amounts standing as liabili ......
2014 (4) TMI 67 - ITAT PUNE
New Phaltan Sugar Works Ltd. Versus Addl. CIT, Satara Range, Satara
Penalty u/s 271D – Violation of Provisions – levy of penalty where loans/deposits are genuine - Waiver of penalty u/s 273B - reasonable cause - Held that:- no phrase occurring in section 269SS to indicate that provisions will not apply to genuine tra ......
2014 (3) TMI 218 - KERALA HIGH COURT
M/s. Soundarya Textiles Versus The Assistant Commissioner of Income Tax
Contravention of section 269SS of the Act – Penalty u/s 271DD of the Act – Proper explanation not made - Held that:- There was no material to substantiate the questions raised by the appellant - The main allegation raised by the assessing officer for ......
2014 (2) TMI 1063 - ITAT DELHI
M/s NEERAJ SHOES INDUSTRIES PVT LTD Versus ASSTT COMMISSIONER OF INCOME TAX
Penalty u/s 271D of the Act - Violation of section 269SS of the Act – Mode of taking certain loans or deposits – Held that:- Without giving any reason as to why he is not following the judgement in the case of Idhayam Publications Ltd.[2006 (1) TMI ......
2014 (2) TMI 564 - GUJARAT HIGH COURT
Commissioner of Income Tax-VI Versus Madhav Enterprise Pvt. Ltd.
Advances not submitted as per section 269SS and 269T of the Act - Penalty u/s 271E of the Act – Held that:- What the respondent received from the prospective buyers was advance money simplicitor which was neither a loan nor a deposit even within the ......
2014 (1) TMI 712 - KERALA HIGH COURT
Sri. KV. George Versus The Commissioner of Income Tax
Penalty u/s 271D in respect of section 269SS - Held that:- After 30th of June, 1984 there is a mandate that no person shall accept or take loan or deposit from any person other than an account payee cheque or account payee bank draft, if such loan or ......
2013 (12) TMI 314 - GUJARAT HIGH COURT
Commissioner of Income-tax Versus Dineshchandra Shantilal Shah
Violation of section 269SS and 269T - Held that:- the assessee being a "shroff" has two lines of business cheque discounting business and money-lending business - The assessee had to discount the cheque for cash - The assessee had not taken any loan ......
2013 (10) TMI 983 - PUNJAB AND HARYANA HIGH COURT
Auto Piston Mfg. Co. P. Ltd. Versus Commissioner of Income-tax
Penalty ou/s 271D - The appellant-company could not disburse the bonus due on Diwali to its workers and promised to make the payment of bonus in the first week of March, 1991. - Acceptance of cash loan in violation of section 269SS of the Income-tax ......