Penalty u/s 271D - loan amount obtained in cash from Directors ...

Penalty Upheld for Cash Loans from Directors Violating Income Tax Act Section 269SS; Section 271D Invoked for Non-Compliance.

March 28, 2022

Case Laws Income Tax AT

Penalty u/s 271D - loan amount obtained in cash from Directors in emergency - violation of provision of section 269SS - the assessee that on the different dates assessee has obtained cash from the two directors and there was no repayment made by the assessee during the year, the aforesaid accounts cannot be said of the nature of current account as claimed by the assessee. The assessee has not brought any material to substantiate that assessee has not committed any violation of section 269SS of the act - Levy of penalty confirmed - AT

View Source

← Previous Next →

Penalty u/s 271D - loan amount obtained in cash from Directors ...

Penalty Upheld for Cash Loans from Directors Violating Income Tax Act Section 269SS; Section 271D Invoked for Non-Compliance.

March 28, 2022

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...

Penalty invoking the provisions of section 271D - Managing Director of the assessee company had extended cash to the company - loan or deposits u/s 269SS - By invoking...

Penalty u/s 271D - Default u/s 269SS - cash loan(s) availed form its Managing Director in current account - day-to-day emergency expenses - AO directed to examine that...

Penalty u/s 271 D - default u/s 269SS - Assessee had accepted the loans in cash - as pe assessee both the entities from whom the cash loan was taken were partnership...

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...

Proper authority / Jurisdiction to launch Prosecution Proceedings - It is the contention of the Revenue that the Deputy Director of Income Tax is a senior officer and...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Key legal issues and the Tribunal's holdings: Agricultural land sold by assessee situated beyond municipal limits cannot be treated as capital asset u/s 2(14). Addition...

Sections 132B, 140A, 153A and 234B of the Income Tax Act, 1961 were analyzed regarding adjustment of seized cash against tax liability. The appellants claimed that cash...

Meaning of the term "Chief Commissioner" extended to include Director General of Income-tax and Principal Director General of Income-tax - Section 2(15A) of the...

Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans...

Penalty u/s 271-D and 271-E - accepting loan in cash from the director of the company - The tribunal held that, the assessee`s case under consideration the transactions...

The case pertains to the levy of service tax under the reverse charge mechanism (RCM) on rental payments made by a company to its directors for renting immovable...

The ITAT held that once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure in the hands of the assessee company. The assessee had...

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...

Quick Updates: