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Income Tax - Highlights / Catch Notes

Home Highlights December 2012 Year 2012 This

Penalty u/s 271D - accepting the loans/ deposits or aggregate of ...

Income Tax

December 10, 2012

Penalty u/s 271D - accepting the loans/ deposits or aggregate of such loans or deposits of Rs. 20,000 or more - As such the assessee committed violation of provisions of section 269SS of the Act. - penalty u/s. 271D rightly imposed - AT

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  1. Penalty u/s 271D and penalty u/s. 271E - Default u/s 269SS and u/s 269T - Loan/deposits taken/paid by the assessee in cash is more than Rs.20,000/- - after evaluating...

  2. 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.

  3. 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

  4. Loan or deposit - Section 269SS - Penalty u/s 271D -transactions effected through journal entries - no penalty - HC

  5. Penalty u/s 271D - accepting cash loan of Rs. 2 lakh in aggregate without any reasonable cause in contravention to section 269SS - transactions between father and son,...

  6. 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

  7. Interest receipt or discount on deposits, loans or advances, which is exempted, shall not be considered for computing aggregate turnover in order to determine...

  8. Levying penalty u/s 271D - Accepting loan / deposits in cash from relatives in violation of section 269SS - the assessee has taken loans from relatives to finance her...

  9. Penalty levied u/s 271D and 271E - accepting deposits by way of journal entries - assessee had accepted/paid loans in contravention of provision of section 269SS/269T -...

  10. 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

 

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