Home Highlights November 2018 Year 2018 This

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1. 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...

2. The summary focuses on the interpretation and applicability of Section 271D and Section 269SS of the Income Tax Act. The key points are: Section 271D imposes a penalty...

3. Levy of penalty u/s. 271D - violation of the provisions of Section 269SS - The entire case of the Revenue rests on interpreting the entries in a diary found during...

4. Penalty u/s 271D & 271E - default committed in violation of section 269SS & 269T - Reliance on search proceeding documents - Transactions being mere book entries -...

5. 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...

6. 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...

7. 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...

8. 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...

9. Addition u/s 68 - accommodation entry - issue of shares for consideration other than 'cash' - "Adjustment by way of book entry" can only be in the case where there is...

10. Violation of the provisions of Sections 269SS and 269T - scope of the term "loan" and "deposit" - Penalty u/s 271D and 271E - amount received on account of share...

11. Penalty u/s 271D/271E - contravention of provisions of sections 269SS/ST - taking or accepting loans otherwise than account payee cheques - book adjustments through...

12. Penalty u/s 271D - violation of provisions of section 269SS - merely by passing one receipt entry in cash book and one payment entry in cash book for a sum, no...

13. The ITAT, an Appellate Tribunal, addressed the issue of penalty u/s 271B for failure to maintain and audit books of accounts under section 44AB. The assessee did not...

14. 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...

15. 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...