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Income Tax - Highlights / Catch Notes

Home Highlights June 2014 Year 2014 This

Penalty u/s 271D - The ambit of the Section 269SS is clearly ...

Income Tax

June 3, 2014

Penalty u/s 271D - The ambit of the Section 269SS is clearly restricted to transaction involving acceptance of money and not intended to affect cases where a debt or a liability arises on account of book entries - HC

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  1. Penalty u/s 271D - Acceptance of loan in Cash by the appellant firm from its agriculturist customer - violation of provisions of section 269SS - penalty confirmed - HC

  2. 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

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

  4. Penalty imposed u/s 271D r.w.s. 269SS - the entry in the books of account on description and treatment is not decisive as to the nature of the transaction

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

  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 u/s 271D - receipt in cash being undisclosed income - Loan or advance is a sine qua non or foundational fact for the applicability of the provisions of Section...

  8. 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

  9. Penalty u/s 271D - whether provisions of section 269SS are attracted to the amounts received from sister concern - no penalty - HC

  10. Penalty u/s 271D - violation of Section 269SS ranged from just 1.1% to 6.14% for the years under appeal - no penalty - HC

 

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