Home Highlights May 2014 Year 2014 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 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 -...

4. 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...

5. Additions on account of Bogus unsecured loans and bogus share capital money - Revenue argued that the unsecured loan from entities controlled by a hawala operator should...

6. 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...

7. Addition u/s 68 - Proof of receipt of Cash Component against sale of property / loan agreement - AO does not determine in which year such cash was paid and if so,...

8. 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...

9. Penalty u/s 271D - loan in cash otherwise than an account payee cheque or draft - Assessee has placed on record only the ledger account, from that it is not clear...

10. Validity of the reassessment order u/s 147 - addition of bogus accommodation entry - AO has not even mentioned as to what was the nature of entry as given in the report...

11. Penalty u/s. 271D - where the loans are recorded by merely passing adjustment entries or journal entries are outside the scope of section 269SS - No penalty - AT

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

13. Reopening of assessment u/s 147 - Addition u/s 68 - unexplained share premium - While recording the reasons for reopening the assessment, the AO did not even care to...

14. Penalty u/s 271E - violation of the provisions of section 269T - amount of loan was reduced by way of passing the journal entry - Entries were duly reflected by the...

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