Home Highlights June 2019 Year 2019 This

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

2. Penalty u/s 271 D - default u/s 269SS - Assessee had accepted the loans in cash - as pe assessee both the entities from whom the cash loan was taken were partnership...

3. Penalty u/s 271D and penalty u/s. 271E - Default u/s 269SS and u/s 269T - Loan/deposits taken/paid by the assessee in cash is more than Rs.20,000/- - after evaluating...

4. Levying penalty u/s 271D - Accepting loan / deposits in cash from relatives in violation of section 269SS - the assessee has taken loans from relatives to finance her...

5. 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...

6. 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

7. Penalty levied u/s. 271D - assessee had taken loan from his brother and his mother in cash for the purpose of purchase of residential property - There is nothing on...

8. Penalty u/s. 271D - violation of section 269SS - father using the money of his son - the money has been given by the son to the father and that have been used by the...

9. Penalty u/s 271D - Default u/s 269SS - cash loan(s) availed form its Managing Director in current account - day-to-day emergency expenses - AO directed to examine that...

10. 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...

11. 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...

12. Penalty u/s 271D - taking and repaying back of loan in cash - Relief granted by the CIT(A) based on under Negotiable Instrument act, for guilty for dishonouring of...

13. Penalty u/s 271D - loan amount obtained in cash from Directors in emergency - violation of provision of section 269SS - the assessee that on the different dates assessee...

14. 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...

15. 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...