Home Highlights August 2014 Year 2014 This

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1. Penalty u/s 271D - accepting loan in cash - reasonable cause - the AO has neither doubted the impugned transaction nor any addition made in this behalf even under...

2. Addition u/s 69A - Source of Cash deposit - Assessee contended that same is received in advance against the sale of property - Levy of penalty u/s 271D - The ITAT held...

3. Penalty u/s 271D - amount accepted by the assessee in cash - advance received against sale of land - Section 269SS refers to the loan or deposit received in cash and...

4. Penalty u/s 271D & 271E - Contravention of provisions of Section 269SS & 269TT - Accepting and repayment of loans / deposits in Cash from the Managing Director of the...

5. Penalty u/s 271D - Default u/s 269SS - loans in question were received by the assessee in cash from her daughter and son-in-law - no penalty leviable

6. Penalty u/s 271D and penalty u/s 271E - Assessee for taking loan in cash and repaying the loan in cash - the moneys in question were received and repaid for personal...

7. Penalty levied u/s 271D - assessee has availed cash loan in contravention of provision of section 269SS - Assessee has submitted that though the assessee has initially...

8. Penalty u/s 271E/271D - accepting loans in cash - The cash loans in question therefore cannot be said fall within the mischief of Section 269SS of the Act as near...

9. Imposition of penalty u/s 271D and 271E - acceptance and repayment of loans in cash - The creditors from whom the cash was received and repaid were held to be genuine...

10. Addition of unexplained cash credit u/s 68 - Due to existing disputes with the parties by the sister concerns of the assessee, the assessee could not procure the...

11. Penalty u/s 271D & 271E - allegation of cash loan having been taken/repaid - The ITAT underscored the principle that penalties under Sections 271D and 271E for...

12. Penalty u/s. 271D - unsecured loans in the form of cash - the amount paid by the Directors / Shareholder towards share capital and unsecured loans in the form of cash...

13. Penalty proceedings u/s 271D - violation of provisions of section 269SS - receipt of loan in cash - the assessee has taken a loan from his wife due to business...

14. Levy of penalty u/s 271D - cash loan received from mother in violation of provision of Section 269SS - bona fide reason - this advance or loan in cash is between blood...

15. Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the...