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Income Tax - Highlights / Catch Notes

Home Highlights December 2017 Year 2017 This

Penalty u/s 271D - the company has accepted cash loan / cash ...

Income Tax

December 30, 2017

Penalty u/s 271D - the company has accepted cash loan / cash deposits from Director - repayment of the same was also made in cash - AO did not record any satisfaction regarding penalty proceedings - No penalty - AT

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  1. 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...

  2. 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.

  3. Penalty invoking the provisions of section 271D - Managing Director of the assessee company had extended cash to the company - loan or deposits u/s 269SS - By invoking...

  4. 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...

  5. Penalty u/s 271D - loan amount obtained in cash from Directors in emergency - violation of provision of section 269SS - the assessee that on the different dates assessee...

  6. Levy of penalty u/s 271D - accepting cash loans and advances beyond the prescribed limit - The pleading of assessee that the cash was required to meet urgent business...

  7. Penalty u/s 271D - Default u/s 269SS - cash loan(s) availed form its Managing Director in current account - day-to-day emergency expenses - AO directed to examine that...

  8. 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...

  9. Repayment of capital balance in cash would not attract the provisions of sec. 269T since it does not constitute loan or deposit. - AT

  10. 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

 

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