Home Highlights October 2015 Year 2015 This

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1. Penalty u/s 271D - entries through journal entries - Violation of provisions of section 269SS - round tripping of funds to evade taxes - proof of reasonable cause u/s...

2. Penalty levied u/s. 271D - transactions through journal entries - assessee shall be deemed to have had reasonable cause to receive the deposits/loans through journal...

3. Penalty u/s 271D and 271E - creation/ assignment of debt and liabilities vide journal entries - These entries arise in the normal course of day to day business...

4. Penalty u/s. 271D - assessee has repaid loans/ deposits from various sister concerns through journal entries, i.e., otherwise than account payee cheques/draft - though...

5. Penalty levied u/s 271D and 271E - accepting deposits by way of journal entries - assessee had accepted/paid loans in contravention of provision of section 269SS/269T -...

6. Loan or deposit - Section 269SS - Penalty u/s 271D -transactions effected through journal entries - no penalty - HC

7. Penalty u/s 271D - contravention of provisions of Sections 269SS - assessee has accepted loans and deposits from various sister concerns through journal entries, as...

8. Scope of section 269SS of the Act – Journal entries – there is no proof of receipt of such loan from the records and they were only found to be journal entries - No...

9. Penalty u/s 271D read with section 269SS and Penalty u/s 271E read with section 269D - cash transaction - Merely on the regular balance interest paid the transaction...

10. Penalty u/s 271D - The firm has accepted loan from the partners by passing journal entries and also explained sources. Moreover, the repayment of loan is made to a...

11. The ITAT Delhi addressed an addition u/s 41(1) converted from u/s 68, focusing on whether there was actual receipt of money or just journal entries for account...

12. Penalty u/s 271D - violation of provisions u/s 269SS - cash receipt claimed as advance against sales - recording of the satisfaction by the AO is sine qua non for...

13. Penalty u/s 271D/271E - contravention of provisions of sections 269SS/ST - taking or accepting loans otherwise than account payee cheques - book adjustments through...

14. Penalty u/s 271D - receipt of deposit of loan or repayment of the same otherwise than banking channel - adjustments through journal entries - the assessee’s case is...

15. The ITAT held that for penalty u/s 271D for contravention of section 269SS, recording satisfaction by AO is mandatory. Citing Jaya Laxmi Rice Mills case, it emphasized...