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 June 2013 Year 2013 This

Penalty u/s 271D - The loans were prior to the date of becoming ...


Section 271D Penalty Contested: Loans Taken Pre-Partnership, Section 269SS Inapplicable Due to Agricultural Status.

June 13, 2013

Case Laws     Income Tax     HC

Penalty u/s 271D - The loans were prior to the date of becoming a partner of the assessee-firm. - Both the lender and borrower are agriculturists - section 269SS is not appliable - HC

View Source

 


 

You may also like:

  1. Penalty u/s 271D & 271E - allegation of cash loan having been taken/repaid - The ITAT underscored the principle that penalties under Sections 271D and 271E for...

  2. 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...

  3. 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...

  4. 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

  5. Penalty levied u/s 271D - assessee has availed cash loan in contravention of provision of section 269SS - Assessee has submitted that though the assessee has initially...

  6. The summary focuses on the interpretation and applicability of Section 271D and Section 269SS of the Income Tax Act. The key points are: Section 271D imposes a penalty...

  7. Penalty levied u/s 271D - accepting unsecured loan above ₹ 20,000/- violating provisions of section 269SS - In the present times the bank transfers are quick...

  8. 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...

  9. 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...

  10. Penalty levied u/s. 271D - assessee had taken loan from his brother and his mother in cash for the purpose of purchase of residential property - There is nothing on...

  11. 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...

  12. 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...

  13. 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...

  14. Penalty u/s 271D - taking and repaying back of loan in cash - Relief granted by the CIT(A) based on under Negotiable Instrument act, for guilty for dishonouring of...

  15. ITAT quashed penalties under sections 271D and 271E for accepting cash loans of Rs. 17,00,000 in violation of section 269SS. Tribunal considered assessee's circumstances...

 

Quick Updates:Latest Updates