Penalty under Section 271D - violation of provisions of Section ...

No Penalty for Urgent Loan from Political Party: Genuine Transaction u/s 271D, No Violation of Section 269SS.

August 26, 2015

Case Laws Income Tax HC

Penalty under Section 271D - violation of provisions of Section 269SS - the funds were urgently required for conversion of the property, a loan was taken from the Samajwadi Party, which was deposited in her account and, subsequently, the loan was paid back to the Samajwadi Party - as the genuineness of the transaction has not been disputed by the AO - No penalty - HC

View Source

← Previous Next →

Penalty under Section 271D - violation of provisions of Section ...

No Penalty for Urgent Loan from Political Party: Genuine Transaction u/s 271D, No Violation of Section 269SS.

August 26, 2015

Case Laws Income Tax HC

You may also like:

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

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...

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...

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 - contravention of Section 269SS - cash loan taken by the assessee - There existed reasonable cause for the assessee for accepting cash loans from his...

Penalty made u/s 271D - loan transaction between husband and wife - while levying the penalty u/s. 271D AO did not appreciate the fact that the provisions of section...

Penalty u/s 271D and 271E - creation/ assignment of debt and liabilities vide journal entries - These entries arise in the normal course of day to day business...

Penalty u/s 271D - Journal entries - urgent need to make payment towards EPF - there was cash deposit in the bank account which is contravention of the provisions of...

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...

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...

Penalty u/s. 271D - contravention of provision of Section 269SS - reasonable cause for not accepting loans by way of account payee cheque or demand draft - These loans...

Penalty u/s. 271D - violation of section 269SS - father using the money of his son - the money has been given by the son to the father and that have been used by the...

Penalty u/s 271D - small amounts on different occasions to meet the urgent business needs has been taken from the company in which assessee is a director and shareholder...

Unexplained money u/s 69A - Unexplained loan - the loan creditors had deposited cash in their accounts and mostly on the very same day they had transferred the same to...

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...

Quick Updates: