2014 (11) TMI 474 - ITAT DELHI
Rajesh Agarwal (HUF), Versus ITO Ward-2 (2) Range-2, Ghaziabad.
Transaction covered u/s 269T/271E or not – Bonafide of transaction – Contravention of section 2699SS/T or not - Held that:- There cannot be any justification in making repayments in cash when at the same time the assessee had received payments throug ......
2014 (11) TMI 227 - MADRAS HIGH COURT
The Commissioner of Income tax – I Versus Shri. T. Perumal (Indl.)
Levy of penalty u/s 271D and 271E – Applicability of section 269SS r.w section 271D – Quantum appeal already decided in favour of assessee - Held that:- The Tribunal rightly allowed the appeals filed by the assessee with regard to the penalty levied ......
2014 (9) TMI 606 - ITAT PUNE
Gurukrupa Gramin Bigar Sheti Sahakari Pat Sanstha Maryadit Versus Addl. CIT, Ratnagiri Range, Ratnagiri
Penalty u/s 271D – Sufficient cause as provided u/s 273B – Deposits accepted in contravention to section 269SS/269T or not - Whether the assessee was prevented by sufficient cause within the meaning of S. 273B or not - Held that:- section 273 B comes ......
2014 (8) TMI 872 - ITAT MUMBAI
LODHA BUILDERS PVT LTD And OTHERS Versus ASSTT COMMISSIONER OF INCOME TAX
Levy of penalty u/s 271D/E – Violation of provisions of section 269SS - Adjustments through journal entries - Business of land development and construction of real estate properties - Limitation of time – Time barred penalty order us/ 271(1)(c) - Hel ......
2014 (8) TMI 603 - MADRAS HIGH COURT
The Commissioner of Income tax Versus M/s. Rashi Injection Moulders
Penalty u/s 271D – Cash loans received from creditors – Reasonable cause for taking loans explained by assessee or not - Held that:- The sundry loans have been extended by the agriculturists within the limits prescribed u/s 269SS of the Income Tax Ac ......
2014 (8) TMI 40 - MADRAS HIGH COURT
Director of Income Tax Exemptions, Chennai Versus M/s. Young Men Christian Association
Penalty u/s 271D and 271E – Cash loan transactions treated as undisclosed income u/s 68 – waiver of penalty u/s 273B - Held that:- The Tribunal have considered the order of the Assessing Authority that it is a case of unexplained cash receipt and tre ......
2014 (7) TMI 915 - GUJARAT HIGH COURT
Sarbhan Co-Op Agri. Produce Pro. And Marketing Soc. Ltd. Versus Union of India And 1
Penalty u/s 271D/ 271E – Amount accepted or repaid in contravention of section 269SS and 269T – Held that:- Ample opportunity will be given to the assessee to submit its case - whether with respect to the transactions provisions of Sections 269-SS an ......
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 dif ......
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 ......