Home Highlights November 2018 Year 2018 This

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1. 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...

2. 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...

3. Levy of penalty u/s. 271D - violation of the provisions of Section 269SS - The entire case of the Revenue rests on interpreting the entries in a diary found during...

4. Penalty u/s 271D & 271E - default committed in violation of section 269SS & 269T - Reliance on search proceeding documents - Transactions being mere book entries -...

5. 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...

6. Penalty imposed u/s 271D & 271E - default u/s 269SS & 269T - CIT(A) deleted the penalty holding that general entries leading to assignment of debt does not attract...

7. Penalty imposed u/s 271D and 271E - the availing and re–payment of loan through book entries was prior to 12th June 2012. Therefore non–compliance to the provisions of...

8. Addition u/s 68 - accommodation entry - issue of shares for consideration other than 'cash' - "Adjustment by way of book entry" can only be in the case where there is...

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

10. Penalty u/s 271D or 271E - Penalty u/s.271D or 271E of the Act is concerned, those are independent proceedings and having nothing to do with assessment proceedings or...

11. Penalty u/s 271D - violation of provisions of section 269SS - merely by passing one receipt entry in cash book and one payment entry in cash book for a sum, no...

12. Penalty u/s 271A and u/s 271B - not maintaining books of account and for not getting the booking of account audited as provided u/s 44AB - Penalties levied u/s 271A for...

13. Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

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

15. Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...