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Income Tax - Highlights / Catch Notes

Home Highlights August 2016 Year 2016 This

Penalty levied u/s 271D and 271E - whether the amount received ...

Income Tax

August 12, 2016

Penalty levied u/s 271D and 271E - whether the amount received by the assessee were advances and not loan or deposits? - allegation of the Revenue of manipulation are baseless and without any supporting evidence - AT

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  2. Addition u/s 69A - Source of Cash deposit - Assessee contended that same is received in advance against the sale of property - Levy of penalty u/s 271D - The ITAT held...

  3. Penalty u/s 271D & 271E - Contravention of provisions of Section 269SS & 269TT - Accepting and repayment of loans / deposits in Cash from the Managing Director of the...

  4. 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 -...

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  8. AO initiated the penalty u/s 271E for violation of sec. 269TT, but levied penalty u/s 271D for violation of the provisions of sec. 269SS. From this conduct of the AO, it...

  9. Penalty levied u/s. 271D and 271E - The assessee has filed affidavits of the lenders who are agriculturist to substantiate that they have advanced cash loan for the...

  10. 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...

  11. Penalty u/s. 271D - trade advances received for the purpose of supply of goods dealt by the assessee - cannot be characterized as loan or deposit - Such trade advances...

  12. Penalty levied u/s. 271D - assessee had taken loan from his brother and his mother in cash for the purpose of purchase of residential property - There is nothing on...

  13. Penalty u/s 271D and penalty u/s. 271E - Default u/s 269SS and u/s 269T - Loan/deposits taken/paid by the assessee in cash is more than Rs.20,000/- - after evaluating...

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  15. 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...

 

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