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Income Tax - Highlights / Catch Notes

Home Highlights November 2014 Year 2014 This

Levy of penalty u/s 271D and 271E – Cash Loan - The genuineness ...

Case Laws     Income Tax

November 7, 2014

Levy of penalty u/s 271D and 271E – Cash Loan - The genuineness of the transaction to meet the immediate necessity was accepted by the Tribunal in the quantum appeal and that would amount to reasonable cause in terms of Section 273B - HC

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  1. The case pertains to penalty proceedings u/s 271D for violating Section 269SS and Section 271E of the Income Tax Act. The assessee received Rs. 18 lakh from a trustee...

  2. 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...

  3. 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...

  4. 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...

  5. Penalty u/s 271D and penalty u/s 271E - Assessee for taking loan in cash and repaying the loan in cash - the moneys in question were received and repaid for personal...

  6. Penalty u/s 271D read with section 269SS and Penalty u/s 271E read with section 269D - cash transaction - Merely on the regular balance interest paid the transaction...

  7. Penalty u/s 271D - accepting cash loan of Rs. 2 lakh in aggregate without any reasonable cause in contravention to section 269SS - transactions between father and son,...

  8. Penalty u/s 271D – Cash loans received from creditors – the genuineness of the creditors have been verified and the transactions were never doubted by the Authorities...

  9. Levy of penalty u/s.271D - assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash - the expression “reasonable cause” in section...

  10. Penalty levied u/s. 271D and 271E - The assessee has filed affidavits of the lenders who are agriculturist to substantiate that they have advanced cash loan for the...

  11. 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...

  12. 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...

  13. 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.

  14. Penalty u/s 271D and 271E - If loan in cash is taken once or twice, in exceptional exigencies, may be a ground for interference, but when the fact remains that a lender...

  15. Penalty u/s 271D & 271E - default committed in violation of section 269SS & 269T - Reliance on search proceeding documents - Transactions being mere book entries -...

 

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