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Income Tax - Highlights / Catch Notes

Home Highlights August 2018 Year 2018 This

Penalty u/s. 271D r.w.s. 269SS - No penalty u/s. 271D can be ...

Case Laws     Income Tax

August 28, 2018

Penalty u/s. 271D r.w.s. 269SS - No penalty u/s. 271D can be levied on an assessee where the loans have been accepted in an assessment u/s. 143(3) of the Act made by the Assessing Officer as genuine.

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  1. 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....

  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 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...

  4. AO initiated the penalty u/s 271E for violation of sec. 269TT, but levied penalty u/s 271D for violation of the provisions of sec. 269SS. From this conduct of the AO, it...

  5. 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...

  6. Levying penalty u/s 271D - Accepting loan / deposits in cash from relatives in violation of section 269SS - the assessee has taken loans from relatives to finance her...

  7. 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 -...

  8. 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.

  9. 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...

  10. Penalty u/s 271D - loan amount obtained in cash from Directors in emergency - violation of provision of section 269SS - the assessee that on the different dates assessee...

  11. Penalty u/s 271D - receipt of loan / deposit in violating of section 269SS - Assessing officer had not recorded any satisfaction regarding the penalty proceedings u/s...

  12. Penalty invoking the provisions of section 271D - Managing Director of the assessee company had extended cash to the company - loan or deposits u/s 269SS - By invoking...

  13. Levy of penalty u/s 271D - contravention of provision of section 269SS - Since the cash was accepted by the assessee company on working days, the argument of the...

  14. Penalties levied u/ss 271D and 271E were challenged. The assessee was found to have violated Sections 269SS and 269T. However, there was no concrete finding that the...

  15. Penalty u/s 271D - amount accepted by the assessee in cash - advance received against sale of land - Section 269SS refers to the loan or deposit received in cash and...

 

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