Penalty u/s 271D - receiving cash from relatives and family ...

No Penalty for Cash Received During Medical Emergency: Section 271D Excludes Non-Loan Transactions from Section 269SS Limits.

September 25, 2019

Case Laws Income Tax AT

Penalty u/s 271D - receiving cash from relatives and family members by the assessee under medical emergency - such transaction cannot be treated as loan or advance and transaction falling under the ambit of section 269SS - No penalty.

View Source

← Previous Next →

Penalty u/s 271D - receiving cash from relatives and family ...

No Penalty for Cash Received During Medical Emergency: Section 271D Excludes Non-Loan Transactions from Section 269SS Limits.

September 25, 2019

Case Laws Income Tax AT

You may also like:

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...

Levy of penalty u/s 271E - loan given in cash - assessee had made the payment for medical treatment of his father in cash - The sources for meeting the medical expenses...

Addition u/s 69A - Source of Cash deposit - Assessee contended that same is received in advance against the sale of property - Levy of penalty u/s 271D - The ITAT held...

Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

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...

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...

Penalty u/s 271E/271D - accepting loans in cash - The cash loans in question therefore cannot be said fall within the mischief of Section 269SS of the Act as near...

Penalty levied u/s 271D for contravention of Section 269SS, which restricts cash transactions above a specified sum for immovable property. The key points are: The...

The ITAT Visakhapatnam dealt with a case involving penalty u/s. 271D for receiving cash in relation to the transfer of immovable property, which falls under section...

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...

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

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...

Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

Levy of penalty u/s 271D - cash loan received from mother in violation of provision of Section 269SS - bona fide reason - this advance or loan in cash is between blood...

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...

Quick Updates: