Penalty u/s 271E of the Act – Repayment of loan made in cash – ...

Case Laws Income Tax

April 17, 2014

Penalty u/s 271E of the Act – Repayment of loan made in cash – the confirmation letter from the father cannot be completely brushed aside, especially when the transaction is between a very close relationship i.e., father and son - penalty waived - AT

View Source

← Previous Next →

Penalty u/s 271E of the Act – Repayment of loan made in cash – ...

Case Laws Income Tax

April 17, 2014

You may also like:

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...

Addition of cash credits u/s 68 - Once the PAN and confirmation letters are placed before the AO, it is for the AO to establish that the creditor has no capacity to make...

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...

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...

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 271E/271D - accepting loans in cash - The cash loans in question therefore cannot be said fall within the mischief of Section 269SS of the Act as near...

Unexplained cash credit - In fact, the loans are taken from close family members and friends. It is not a case of the AO that the assessee had taken loans from certain...

Genuineness of loan - Once the statement has been given by the party then merely because they have not given any confirmation letter, additions cannot be made - HC

Levy of penalty u/s 271E - loan given in cash - assessee had made the payment for medical treatment of his father in cash - The sources for meeting the medical expenses...

Penalty u/s 271D - violation of section 269SS - assessee had taken the cash loans from the close relatives i.e. sons-in-law whose spouses are partners and amounts taken...

Imposition of penalty u/s 271D and 271E - acceptance and repayment of loans in cash - The creditors from whom the cash was received and repaid were held to be genuine...

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...

The Commissioner of Income Tax (Appeals) confirmed additions from unsecured loans and capital introduced by the assessee during demonetization. The Assessing Officer...

Penalty u/s 271D - the company has accepted cash loan / cash deposits from Director - repayment of the same was also made in cash - AO did not record any satisfaction...

Penalty u/s 271D - assessee has accepted cash amounts from his father - on cancellation of land deal, in the hands of father, the amount was returned to the assessee and...

Quick Updates: