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Income Tax - Highlights / Catch Notes

Home Highlights June 2012 Year 2012 This

Penalty u/s 271E - contravention of Section 269T - repayment by ...

Income Tax

June 17, 2012

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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  1. Penalty levied u/s 271D and 271E - accepting deposits by way of journal entries - assessee had accepted/paid loans in contravention of provision of section 269SS/269T -...

  2. 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...

  3. Penalty u/s. 271D - assessee has repaid loans/ deposits from various sister concerns through journal entries, i.e., otherwise than account payee cheques/draft - though...

  4. Penalty - Repayment of loan by any other mode except by way of account payee cheque/draft in violation of section 269SS/ 269T - transfer of amount by way of Journal...

  5. 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...

  6. 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...

  7. Penalty u/s 271E - violation of the provisions of section 269T - amount of loan was reduced by way of passing the journal entry - Entries were duly reflected by the...

  8. Penalty u/s 271D or 271E - assessee has accepted loan/deposit from sister concern through journal entries i.e., otherwise then account payee cheque /draft thereby...

  9. Penalty imposed u/s.271E and 271D - taking and repayment of loan from the various sister concerns through Journal Entry - all the entries is the bona fide belief of the...

  10. Penalty u/s 271D - entries through journal entries - Violation of provisions of section 269SS - round tripping of funds to evade taxes - proof of reasonable cause u/s...

 

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