Levy of penalty u/s. 271D - violating the provisions of section ...

Case Laws Income Tax

March 28, 2017

Levy of penalty u/s. 271D - violating the provisions of section 269SS - Assessee is a Co-operative credit society and has accepted cash deposits from its members - assessee has been able to show reasonable cause for inadvertent violation of provisions of section 269SS - Penalty waived u/s 273B - AT

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Levy of penalty u/s. 271D - violating the provisions of section ...

Case Laws Income Tax

March 28, 2017

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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...

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...

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....

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