Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2019 Year 2019 This

Penalty u/s 271D - cash loans from farmer friends - assessee ...

Income Tax

June 10, 2019

Penalty u/s 271D - cash loans from farmer friends - assessee relied on mere oral assertions of urgent requirement of funds without producing any material to establish such assertion - the details of purchase orders required to be executed within time and most significantly did not co-relate the purchases made from such cash loans - no reasonable explanation for failure of Section 269SS - penalty upheld

View Source

 


 

You may also like:

  1. Penalty u/s 271D - reasonable cause - contravention of sec. 269SS - cash was taken by discounting cheques to meet the urgent business needs of the assessee - deletion of...

  2. 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...

  3. Penalty u/s 271D - Journal entries - urgent need to make payment towards EPF - there was cash deposit in the bank account which is contravention of the provisions of...

  4. 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

  5. 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.

  6. Unexplained Cash Credit – temporary loan from friends and relatives abroad for the purpose of filing immigration application for L1 visa for USA - Assessee had...

  7. Penalty u/s 271D - receipt in cash being undisclosed income - Loan or advance is a sine qua non or foundational fact for the applicability of the provisions of Section...

  8. Penalty u/s 271D – Cash loans received from creditors – the genuineness of the creditors have been verified and the transactions were never doubted by the Authorities...

  9. 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

  10. Penalty u/s. 271D and 271E - numerous cash deposits and repayment was made in cash - assessee has demonstrated the funds were arranged in cash on urgent requirement of...

 

Quick Updates:Latest Updates