Home Highlights May 2016 Year 2016 This

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1. The ITAT held that for penalty u/s 271D for contravention of section 269SS, recording satisfaction by AO is mandatory. Citing Jaya Laxmi Rice Mills case, it emphasized...

2. 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...

3. Penalty u/s 271D or 271E - Penalty u/s.271D or 271E of the Act is concerned, those are independent proceedings and having nothing to do with assessment proceedings or...

4. 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...

5. 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...

6. Penalty proceedings u/s 271D, 271E and 271AAA - period of limitation - the period of six months from the end of the month in which action for imposition of penalty was...

7. 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...

8. Levy of penalty u/s.271D/271E - transaction by passing a journal entry - proof of reasonable cause u/s 273B - the business constraint and exigency and administrative...

9. Levy of penalties u/s 271D and 271E for the violation of sections 269SS and 269T, respectively - The Tribunal, after reviewing precedents from the Supreme Court and...

10. The ITAT Delhi held that the levy of penalty u/s 271D without valid satisfaction for alleged violation u/s 269SS is not justified. The AO must record satisfaction in the...

11. Penalty u/s. 271D - assessee has repaid loans/ deposits from various sister concerns through journal entries, i.e., otherwise than account payee cheques/draft - though...

12. Penalty u/s.271D & 271E - Period of limitation for imposing penalty u/s 275(1)(c) - he discussion by the AO in the assessment order and making reference to the Addl. CIT...

13. The High Court held that for levying penalty u/s 271D for violation of Section 269SS, the Assessing Officer must record satisfaction that the provisions were violated....

14. Levy of penalties under various sections - The Appellate Tribunal, in a consolidated order, addressed several appeals concerning penalties imposed under various sections...

15. Penalty imposed u/s 271D and 271E - the availing and re–payment of loan through book entries was prior to 12th June 2012. Therefore non–compliance to the provisions of...