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Home Highlights June 2012 Year 2012 This

Penalty u/s 271E - contravention of Section 269T - repayment by ...


Penalty for Repayment by Journal Entries u/s 271E Deleted; No Contravention of Section 269T Found.

June 17, 2012

Case Laws     Income Tax     HC

Penalty u/s 271E - contravention of Section 269T - repayment by journal entries - penalty imposed u/s 271E deserves to be deleted - HC

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  1. 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...

  2. Penalty levied u/s 271D and 271E - accepting deposits by way of journal entries - assessee had accepted/paid loans in contravention of provision of section 269SS/269T -...

  3. The ITAT held that where a partnership firm repays loans to its partners by journal entries/book entries, such transactions are not covered u/ss 269SS/269T of the Act,...

  4. Assessee made repayments of loans/deposits through modes other than account payee cheques/drafts, violating Section 269T. Penalty u/s 271E was imposed. ITAT bifurcated...

  5. Penalty u/s 271D - entries through journal entries - Violation of provisions of section 269SS - round tripping of funds to evade taxes - proof of reasonable cause u/s...

  6. 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...

  7. Penalty imposed u/s.271E and 271D - taking and repayment of loan from the various sister concerns through Journal Entry - all the entries is the bona fide belief of the...

  8. Penalty levied u/s. 271D - transactions through journal entries - assessee shall be deemed to have had reasonable cause to receive the deposits/loans through journal...

  9. Penalty - Repayment of loan by any other mode except by way of account payee cheque/draft in violation of section 269SS/ 269T - transfer of amount by way of Journal...

  10. Penalty u/s. 271E - violation of the provisions of Section 269T - Repayment of monthly instalment in cash to Tata Finance Corporation - as the assessee had not only...

  11. Penalty imposed u/s 271D & 271E - default u/s 269SS & 269T - CIT(A) deleted the penalty holding that general entries leading to assignment of debt does not attract...

  12. 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...

  13. The ITAT Delhi addressed an addition u/s 41(1) converted from u/s 68, focusing on whether there was actual receipt of money or just journal entries for account...

  14. 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...

  15. The case involved a challenge to penalty orders u/ss 271D and 271E before the Appellate Tribunal. The issue revolved around the reassessment proceedings being quashed,...

 

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