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Income Tax - Highlights / Catch Notes

Home Highlights January 2012 Year 2012 This

Penalty u/s 271D – share application money can not be called ...

Income Tax

January 25, 2012

Penalty u/s 271D – share application money can not be called deposit within the meaning of section 269 SS or 269 T of the Act .... - HC

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  1. 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

  2. Levy of penalty u/s. 271D - treating the share application money as deposit u/s 269SS - once the A.O. has treated the share application money received by the assessee in...

  3. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

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

  5. Treatment of Share Application money as loans & Advances(269SS) - Penalty under 271D - Share application monies received by a company, pending allotment of shares, do...

  6. Penalty u/s 271D - additions were confirmed towards share application money as a colorable device - AO considered the same as deemed deposits and considered it as...

  7. Share application money cannot be equated with share capital and interest paid on share application money pending its allotment is allowable as revenue expenditure

  8. Share application money received - No evidence has been brought on record by the Assessing Officer to prove that the share application money emanated from the coffers of...

  9. Validity of confirmation of penalty u/s 271(1)(c) – ssessee miserably failed to offer an explanation for the cash credit raised in the form of share application money -...

  10. Deemed dividend - Whether the receipt of share application money can be treated and recorded as loan, deposits and “any payment“ for invoking the provisions of section...

 

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