Home Highlights June 2013 Year 2013 This

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1. 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...

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 levied u/s 271D - capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS - No penalty - AT

4. Penalty u/s 271D - assessee is a small trader - household expenses incurred and paid from firm have been entered in cash book debited to assessee's a/c and crediting the...

5. Penalty u/s 271D - Cash loan taken from the Partner of the Partnership Firm -Assessee with a bona fide belief that the provisions of section 269SS are not applicable has...

6. Deemed dividend u/s 2(22)(e) - one of the partners of the assessee firm was holding major share holding - Since the assessee firm was not shareholder in the lender...

7. Penalty u/s 271D - Loan and advances to partners - no separate identity for the partnership firm and that the partner is entitled to use the funds of the firm - No...

8. Penalty u/s 271C – reasonable cause - The assessees are partners in a firm – Both the assessees has paid interest to firm without deducting tax at source - No penalty - AT

9. Penalty levied u/s. 271D and 271E - The assessee has filed affidavits of the lenders who are agriculturist to substantiate that they have advanced cash loan for the...

10. Unexplained cash credit u/s 68 - cash received from partners - difference pointed out by the AO as capital introduced by both the partners of the assessee firm different...

11. Penalty u/s 271D - default u/s 269SS - assessee has taken loan from his father and paternal aunt, who are family members and such transactions would not attract penalty u/s 271D

12. Taxability in the hands of partners v/s firm - transfer of capital asset by firm to partners - There is no merit in the arguments advanced by assessee, that transfer of...

13. 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...

14. Penalty invoking the provisions of section 271D - Managing Director of the assessee company had extended cash to the company - loan or deposits u/s 269SS - By invoking...

15. Status of assessee as "AOP" instead of "partnership firm" - The assessee firm was comprised of four individual partners who were representing their respective firms -...