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 This

Levy of penalty u/s 271D - assessee had received the ...

Income Tax

Levy of penalty u/s 271D - assessee had received the amounts in cash as loan from HUF - there cannot be any better reason for receipt of cash deposits than the death of Karta or Managing Director of the company. It is also not disputed that all the cash receipts were duly accounted in the books of the assesse as well as the HUF. There were no unaccounted transactions. - No penalty - AT

View Source

 


 

You may also like:

  1. Hindu Undivided Family (HUF) or its Karta cannot become partner/ Designated Partner (DP) in Limited Liability Partnership (LLP) - Circular

  2. Penalty u/s 271D - default u/s 269SS - assessee has taken loan from his father and paternal aunt, who are family members and such transactions would not attract penalty u/s 271D

  3. 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.

  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. 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...

  6. 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...

  7. 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...

  8. Penalty levied u/s 271D - capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS - No penalty - AT

  9. Levy of penalty u/s 271D - Receipt of deposits in cash in contravention of provisions of section 269SS - The assessee explained before the authorities below that two of...

  10. Penalty u/s 271D - amount accepted by the assessee in cash - advance received against sale of land - Section 269SS refers to the loan or deposit received in cash and...

 

Quick Updates:Latest Updates