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Income Tax - Highlights / Catch Notes

Home Highlights October 2015 Year 2015 This

Penalty u/s. 271D - where the loans are recorded by merely ...

Income Tax

October 28, 2015

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

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

  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 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...

  4. 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...

  5. 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...

  6. 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 -...

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

  8. Penalty u/s 271D - The firm has accepted loan from the partners by passing journal entries and also explained sources. Moreover, the repayment of loan is made to a...

  9. Scope of section 269SS of the Act – Journal entries – there is no proof of receipt of such loan from the records and they were only found to be journal entries - No...

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

 

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