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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Penalty u/s 271D and 271E - Return of loan by cash to the sister ...

Income Tax

November 24, 2015

Penalty u/s 271D and 271E - Return of loan by cash to the sister concern under a bonafide belief that the transaction with sister concerns is not in violation for similar reasons in the absence of any evidence to the contrary cannot be disbelieved. - AT

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  2. 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...

  3. Violation of section 269SS and 269T - cheque discounting business - The assessee had to discount the cheque for cash - There was no question of levying any penalty under...

  4. Violate the provisions of section 269SS and 269T – share application money - penalty u/s 271D and 271E is not automatic - if there is bonafide belief, no penalty u/s...

  5. 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...

  6. Levy of penalty u/s. 271E - violation of provisions of Section 269T - If identity of person is proved and genuineness of payment is not doubted by the AO then ontentions...

  7. Penalty levied u/s 271D and 271E - cash loans taken by the assessee in contravention of 261SS - There is no law that every receipt from a partner or a sister concern...

  8. Penalty u/s 271D and 271E - Accepting loans by way of cash in excess of the prescribed limit - If the assessee is able to establish that all the cash transactions are...

  9. 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

  10. Penalty levied u/s. 271D r.w.s. 273B - reasonable cause for the assessee to accept loan over ₹ 20,000/- in cash - levy of penalty confirmed.

 

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