Levy of penalty u/s.271E and 271D - as per the assessee it was ...

Penalties Upheld u/ss 271E and 271D of Income Tax Act for Improper Cash Transactions by Assessee.

April 17, 2017

Case Laws Income Tax AT

Levy of penalty u/s.271E and 271D - as per the assessee it was to reduce cash handling by the workers of transporters, cab drivers etc. However, ld. ACIT has clearly demonstrated that no such adjustment against cost of fuel was ever done against the advance, on the other hand but such amounts were repaid by the assessee in cash - levy of penalty confirmed - AT

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Levy of penalty u/s.271E and 271D - as per the assessee it was ...

Penalties Upheld u/ss 271E and 271D of Income Tax Act for Improper Cash Transactions by Assessee.

April 17, 2017

Case Laws Income Tax AT

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The case pertains to penalty proceedings u/s 271D for violating Section 269SS and Section 271E of the Income Tax Act. The assessee received Rs. 18 lakh from a trustee...

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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...

Penalties levied u/ss 271D and 271E were challenged. The assessee was found to have violated Sections 269SS and 269T. However, there was no concrete finding that the...

This case deals with the levy of penalties u/ss 271AAA and 271(1)(c) of the Income Tax Act in relation to various additions made to the assessee's income based on seized...

Penalty levied u/s 271D for contravention of Section 269SS, which restricts cash transactions above a specified sum for immovable property. The key points are: The...

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Penalty u/s 271D or 271E - Penalty u/s.271D or 271E of the Act is concerned, those are independent proceedings and having nothing to do with assessment proceedings or...

The case involved a challenge to penalty orders u/ss 271D and 271E before the Appellate Tribunal. The issue revolved around the reassessment proceedings being quashed,...

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The Punjab and Haryana High Court held that undisclosed income found during a search, related to a pawning business, falls within the scope of Section 269SS of the...

Penalty u/s 271D and penalty u/s 271E - Assessee for taking loan in cash and repaying the loan in cash - the moneys in question were received and repaid for personal...

Levy of penalty u/s.271D - assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash - the expression “reasonable cause” in section...

Penalty u/s 271D read with section 269SS and Penalty u/s 271E read with section 269D - cash transaction - Merely on the regular balance interest paid the transaction...

The ITAT held that for penalty u/s 271D for contravention of section 269SS, recording satisfaction by AO is mandatory. Citing Jaya Laxmi Rice Mills case, it emphasized...

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