Levy of penalty u/s 271D - The reasons given by the assessee ...

Penalty Imposed for Cash Loans: Business Exigency Not a "Reasonable Cause" u/s 273B.

July 20, 2017

Case Laws Income Tax AT

Levy of penalty u/s 271D - The reasons given by the assessee that there is a business exigency in as much he needs to make the payment for purchase of landed properties, the reasons given by the assessee is not coming within the purview of reasonable cause as defined u/s 273B

View Source

← Previous Next →

Levy of penalty u/s 271D - The reasons given by the assessee ...

Penalty Imposed for Cash Loans: Business Exigency Not a "Reasonable Cause" u/s 273B.

July 20, 2017

Case Laws Income Tax AT

You may also like:

HC held that the assessee's cash repayment of loan to the finance corporation, made on lender's instruction to arrest interest escalation, constitutes reasonable cause...

Penalty u/s 271D - contravention of provisions of Sections 269SS - assessee has accepted loans and deposits from various sister concerns through journal entries, as...

Penalty u/s 271D - accepting loan in cash - reasonable cause - the AO has neither doubted the impugned transaction nor any addition made in this behalf even under...

Levy of penalty u/s 271D - Cash transaction in connection with violation of section 269SS - reasonable cause - Sale of residential flats to an agriculturist - cash sale...

Levy of penalty u/s.271D/271E - transaction by passing a journal entry - proof of reasonable cause u/s 273B - the business constraint and exigency and administrative...

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.

Levy of penalty u/ss 271D and 271E was challenged - default u/ss 269SS and 269T - assessee received and repaid cash loans from directors and related concerns - assessee...

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...

Penalty u/s 271D - violation of section 269SS - Reasonable Cause u/s 273B - The claim of the assessee is that receipt of money by way of cash itself is a reasonable...

Penalty order passed u/s 271E - reasonable cause - cash loan from her husband and mother-in-law which has been repaid in cash - the expression “reasonable cause” in...

Penalty u/s. 271D - Cash borrowing to make this urgent cash payments appears to be reasonable. -there was reasonable cause for accepting this loan in cash and hence, in...

Penalty levied u/s 271G - Assessee has failed to maintain the information as per Rule 10D (1) (d), (g), (h) and (m) of Income Tax Rules - ‘reaso-nable cause’ under...

Penalty u/s 271D - accepting cash loan of Rs. 2 lakh in aggregate without any reasonable cause in contravention to section 269SS - transactions between father and son,...

Penalty levied u/s. 271D - transactions through journal entries - assessee shall be deemed to have had reasonable cause to receive the deposits/loans through journal...

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...

Quick Updates: