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 December 2012 Year 2012 This

Penalty u/s 271D & 271E - acceptance and repayment of loan or ...


Court Recognizes Reasonable Cause for Loan Deposit Exceptions in Rural Areas u/s 273B of Income Tax Act.

December 31, 2012

Case Laws     Income Tax     HC

Penalty u/s 271D & 271E - acceptance and repayment of loan or deposit in excess of Rs. 20,000/- there existed reasonable cause in mobilizing these deposits in rural and semi-urban areas within the meaning of Section 273B. - HC

View Source

 


 

You may also like:

  1. Penalty levied u/s. 271D - transactions through journal entries - assessee shall be deemed to have had reasonable cause to receive the deposits/loans through journal...

  2. Penalty levied u/s 271G - Assessee has failed to maintain the information as per Rule 10D (1) (d), (g), (h) and (m) of Income Tax Rules - ‘reaso-nable cause’ under...

  3. Penalty u/s 272A (2) (k) - assessee has failed to submit the quarterly TDS statements in Form No. 26Q - The reasonable cause of ignorance of technical knowledge lack of...

  4. Penalty u/s 271D - violation of section 269SS - Reasonable Cause u/s 273B - The claim of the assessee is that receipt of money by way of cash itself is a reasonable...

  5. 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.

  6. Levy of penalty u/s.271D/271E - transaction by passing a journal entry - proof of reasonable cause u/s 273B - the business constraint and exigency and administrative...

  7. Penalty u/s 271D - contravention of provisions of Sections 269SS - assessee has accepted loans and deposits from various sister concerns through journal entries, as...

  8. Penalty u/s 271D and 271E - violation of provision of section 269SS and 269T - Loan or deposits in Cash - Belief on the part of the assessee in view of the past history...

  9. Penalty levied u/s 272A(1)(d) for non-compliance with documentary evidence requirements was challenged by the assessee, citing COVID-19 restrictions as a reasonable...

  10. Penalty order passed u/s 271E - reasonable cause - cash loan from her husband and mother-in-law which has been repaid in cash - the expression “reasonable cause” in...

  11. SSI Exemption - unit is situated in rural area or not - the Appellant’s factory being situated in notified Industrial area which is governed by the GIDC is not a unit...

  12. SSI Exemption Notification No.08/2003 – branded goods - rural area or not - Since the certificates were issued by the same authorities – there was force in the argument...

  13. Prosecution Proceedings - Offence u/s 276B and 278B - not depositing the TDS amount - The court acknowledged that the petitioners provided reasonable explanations for...

  14. HC held that the assessee demonstrated reasonable cause under Section 273B for repaying a loan exceeding twenty thousand rupees, thereby exempting them from penalty...

  15. Levy of penalty u/s. 271D - The transaction in question does not fall in the mischief for which the section was brought on statute. It is clearly covered by the...

 

Quick Updates:Latest Updates