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Income Tax - Highlights / Catch Notes

Home Highlights August 2017 Year 2017 This

Imposition of penalty u/s 271D and 271E - acceptance and ...

Income Tax

August 7, 2017

Imposition of penalty u/s 271D and 271E - acceptance and repayment of loans in cash - The creditors from whom the cash was received and repaid were held to be genuine and confirmation to that act was obtained from the said persons and the transactions were not made for attempting to evade tax - No penalty - HC

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  1. 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

  2. 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...

  3. Penalty u/s. 271E - violation of the provisions of Section 269T - Repayment of monthly instalment in cash to Tata Finance Corporation - as the assessee had not only...

  4. Penalty u/s. 271D and u/s. 271E - default u/s 269SS and 269T - acceptance and repayment of loans or deposits in cash - In case, if the veracity was doubted, then the...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. Penalty u/s 271D and 271E - If loan in cash is taken once or twice, in exceptional exigencies, may be a ground for interference, but when the fact remains that a lender...

  10. Penalty u/s 271E - contravention of Section 269T - repayment by journal entries - penalty imposed u/s 271E deserves to be deleted - HC

 

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