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Income Tax - Highlights / Catch Notes

Home Highlights October 2012 Year 2012 This

Penalty u/s 271D - whether provisions of section 269SS are ...


Court Rules No Penalty u/s 271D for Amounts Received from Sister Concern; Section 269SS Provisions Not Applicable.

October 16, 2012

Case Laws     Income Tax     HC

Penalty u/s 271D - whether provisions of section 269SS are attracted to the amounts received from sister concern - no penalty - HC

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  1. Violation of the provisions of Sections 269SS and 269T - scope of the term "loan" and "deposit" - Penalty u/s 271D and 271E - amount received on account of share...

  2. Availment of CENVAT Credit - Non maintenance of separate account - When it is impossible to comply with the provisions of sub-rule (2) of Rule 6, it would not be...

  3. Levy of penalty - Applicability of the substituted rule for imposition of penalty - The Supreme Court sided with the appellant, holding that the substituted rule from...

  4. Penalty u/s 271D - violation of provisions u/s 269SS - cash receipt claimed as advance against sales - recording of the satisfaction by the AO is sine qua non for...

  5. The High Court held that for levying penalty u/s 271D for violation of Section 269SS, the Assessing Officer must record satisfaction that the provisions were violated....

  6. The Punjab and Haryana High Court held that undisclosed income found during a search, related to a pawning business, falls within the scope of Section 269SS of the...

  7. Valuation - related party - Rule 9 of valuation rules clearly stipulates that if the goods are cleared to a person who is consuming the same, then the provisions of Rule...

  8. 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...

  9. Valuation - Nature of amount received - the appellant received some amount from the buyers of scrap and some amount from Honda India for the value of the auto parts -...

  10. Eligibility of relief u/s 89 r.w. Rule 21A of I.T. Rules - Amount to be spread over the years including future years - compensation received by the assessee as only...

  11. CENVAT Credit - Reversal of credit when finished goods became exempt - While the provisions of sub-rule (3)(ii) of Rule 11 of the Cenvat Credit Rules, 2004 are not...

  12. 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...

  13. The High Court held that the penalty order u/s 271D was barred by limitation as the order imposing penalty was required to be passed within six months from the end of...

  14. 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...

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