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Income Tax - Highlights / Catch Notes

Home Highlights January 2019 Year 2019 This

Levy of penalty u/s 271D - Cash loans from close relatives ...

Case Laws     Income Tax

January 7, 2019

Levy of penalty u/s 271D - Cash loans from close relatives cannot be said to fall within the mischief of section 269SS of the Act, as near/close relatives cannot be said to be “other persons” within the meaning of section 269SS

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  2. Penalty u/s 271E/271D - accepting loans in cash - The cash loans in question therefore cannot be said fall within the mischief of Section 269SS of the Act as near...

  3. 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...

  4. 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...

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  6. 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.

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  8. Penalty u/s 271D - violation of section 269SS - assessee had taken the cash loans from the close relatives i.e. sons-in-law whose spouses are partners and amounts taken...

  9. Penalty u/s.271D - contravention of provision of section 269SS - Accepting Loan / Deposits in cash - transactions with the close relatives - Genuineness of the cash...

  10. 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...

  11. Addition u/s 69A - Source of Cash deposit - Assessee contended that same is received in advance against the sale of property - Levy of penalty u/s 271D - The ITAT held...

  12. Penalty u/s. 271D - unsecured loans in the form of cash - the amount paid by the Directors / Shareholder towards share capital and unsecured loans in the form of cash...

  13. Levy of penalty u/s.271D - assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash - the expression “reasonable cause” in section...

  14. Penalty levied u/s. 271D and 271E - The assessee has filed affidavits of the lenders who are agriculturist to substantiate that they have advanced cash loan for the...

  15. 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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