Home Highlights February 2019 Year 2019 This

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1. 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...

2. Penalty levied u/s 271D - accepting unsecured loan above ₹ 20,000/- violating provisions of section 269SS - In the present times the bank transfers are quick...

3. 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...

4. Penalty u/s 271D - violation of section 269SS - Reasonable Cause u/s 273B - The claim of the assessee is that receipt of money by way of cash itself is a reasonable...

5. Levy of penalty u/s 271D - Cash transaction in connection with violation of section 269SS - reasonable cause - Sale of residential flats to an agriculturist - cash sale...

6. 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...

7. 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...

8. 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...

9. Penalty u/s. 271D - Cash borrowing to make this urgent cash payments appears to be reasonable. -there was reasonable cause for accepting this loan in cash and hence, in...

10. 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...

11. Penalty levied u/s 271G - Assessee has failed to maintain the information as per Rule 10D (1) (d), (g), (h) and (m) of Income Tax Rules - ‘reaso-nable cause’ under...

12. Penalty for cash loan/ transactions against primary co-operatives - Section 269SS / 269T - Relief given to Primary Agricultural Credit Societies (“PACS”) and Primary...

13. Penalty u/s 271D for violation of Section 269SS was challenged. ITAT held that where assessee received sale consideration for immovable property in cash exceeding Rs....

14. Penalty proceedings u/s. 271D - assessee had received loans in cash - violation of provisions u/s 69SS - Explanation given was accepted in assessment proceedings, so the...

15. 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...