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Income Tax - Highlights / Catch Notes

Home Highlights October 2016 Year 2016 This

Penalty u/s.271D - violation of Section 269SS - adjustments ...

Income Tax

October 19, 2016

Penalty u/s.271D - violation of Section 269SS - adjustments through journal entries - Since there was no payment in cash either by the assessee or on its behalf it could not be said that there was any violation of Section 269SS - No penalty - HC

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

  2. 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...

  3. 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

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  6. Deletion of penalty u/s 271D – violation of section 269SS - in view of the payments to the creditors, book entries were made in the journal of the assessee - there is no...

  7. Penalty u/s 271D - violation of provisions u/s 269SS - cash receipt claimed as advance against sales - recording of the satisfaction by the AO is sine qua non for...

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  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 u/s 271D - reasonable cause - contravention of sec. 269SS - cash was taken by discounting cheques to meet the urgent business needs of the assessee - deletion of...

 

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