Penalty u/s 271E/271D - accepting loans in cash - The cash loans ...

Income Tax

January 8, 2020

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 relatives cannot be said to be “Other person” - In any event in the circumstances of the case, there was reasonable cause for accepting loans in cash. - No penalty.

View Source

← Previous Next →

Penalty u/s 271E/271D - accepting loans in cash - The cash loans ...

Income Tax

January 8, 2020

You may also like:

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...

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.

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 & 271E - allegation of cash loan having been taken/repaid - The ITAT underscored the principle that penalties under Sections 271D and 271E for...

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 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...

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 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...

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...

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...

Quick Updates: