Penalty u/s 271D - assessee has accepted cash as part of sale ...

Income Tax

December 9, 2023

Penalty u/s 271D - assessee has accepted cash as part of sale consideration on sale of immovable property - the Ld.AO has not recorded the satisfaction regarding the initiation of penalty proceedings while passing the assessment order u/s. 143(3) of the Act which is a prerequisite for initiation of penalty u/s. 271D of the Act. We are of the considered opinion that issuing a notice u/s. 274 r.w.s 271D of the Act is nothing but an afterthought of the Ld. AO. - No penalty - AT

View Source

← Previous Next →

Penalty u/s 271D - assessee has accepted cash as part of sale ...

Income Tax

December 9, 2023

You may also like:

Penalty levied u/s 271D - violation of the provisions of section 269SS - assessee sold an immovable property and received part consideration in cash - The Tribunal...

Levy of penalty Notice u/s 274 r.w.s. 271D - Cash sale of immovable property - The objective of the amendment proposed in 269SS of the Act is to curb generation of black...

Levy of penalty u/s 271D - Cash transaction in connection with violation of section 269SS - reasonable cause - Sale of residential flats to an agriculturist - cash sale...

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...

Penalty u/s. 271D - Receipt of cash against sale of immovable property - The sale transaction is duly evidenced by the registered agreement / deed. Considering the fact...

Additions u/s 68 - Unexplained cash credit in bank account subsequent to sale deed - Once the sale consideration is accepted as a sale consideration by Sub-Registrar...

Penalty u/s 271D - accepting loan in cash - reasonable cause - the AO has neither doubted the impugned transaction nor any addition made in this behalf even under...

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...

Levy of penalty u/s 271D - contravention of provision of section 269SS - Since the cash was accepted by the assessee company on working days, the argument of the...

Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...

Levying penalty u/s 271D - violation of section 269SS - “reasonable cause” u/s 273B - sale of property - total consideration assessee received part by demand draft and...

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...

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.

Penalty proceedings u/s. 271D - assessee had received loans in cash - violation of provisions u/s 69SS - Explanation given was accepted in assessment proceedings, so the...

Penalty u/s 271D - cash received of sales of immovable property - allegation of violation of provisions of Sec.269SS - cash payment was made at one go before the...

Quick Updates: