Penalty u/s 271D - violation of section 269SS - assessee had ...

No Penalty Imposed for Cash Loans Recorded as Loans Due to Accounting Error; Sections 271D and 269SS Involved.

June 14, 2019

Case Laws Income Tax AT

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 as capital contribution but due to inadvertent mistake of the accountant the same was recorded as loans - all of them are assessed to income tax and submitted the confirmations - these aspect neither examined by the JCIT nor by CIT(A) by making cross verification - No penalty

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Penalty u/s 271D - violation of section 269SS - assessee had ...

No Penalty Imposed for Cash Loans Recorded as Loans Due to Accounting Error; Sections 271D and 269SS Involved.

June 14, 2019

Case Laws Income Tax AT

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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...

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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...

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....

HC ruled penalty proceedings under sections 271D and 271E require explicit satisfaction to be recorded by Assessing Officer during reassessment. Mere recording of...

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...

Penalty levied u/s 271D for contravention of Section 269SS, which restricts cash transactions above a specified sum for immovable property. The key points are: The...

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...

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...

ITAT quashed penalties under sections 271D and 271E for accepting cash loans of Rs. 17,00,000 in violation of section 269SS. Tribunal considered assessee's circumstances...

Penalty u/s 271D - loan in cash otherwise than an account payee cheque or draft - Assessee has placed on record only the ledger account, from that it is not clear...

Penalty u/s 271D read with section 269SS and Penalty u/s 271E read with section 269D - cash transaction - Merely on the regular balance interest paid the transaction...

Unexplained peak cash loan - interest expenses on the money borrowed in cash - it is a fact on record that the impugned amount of interest as well as the amount of loan...

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...

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