Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights December 2020 Year 2020 This

Penalty u/s 271D and 271E - Accepting loans by way of cash in ...


Cash Loan Penalties Waived for Transactions from Bank Withdrawals Between Sister Concerns Under Same Ownership Group.

December 10, 2020

Case Laws     Income Tax     AT

Penalty u/s 271D and 271E - Accepting loans by way of cash in excess of the prescribed limit - If the assessee is able to establish that all the cash transactions are arising out of the bank withdrawals and recorded in the assesse’s books of accounts within a reasonable span of time from the date of cash withdrawals from the respective bank accounts and further if all the entities are pertaining to sister concerns (arising out of the same group of ownership), then the provisions of section 269SS and 269T will not be applicable - AT

View Source

 


 

You may also like:

  1. Initiation of CIRP - transaction of Financial Debt or not - Loan taken by the Corporate debtor from the sister concern was assigned by the said sister concern to the...

  2. Unexplained money u/s 69A - Unexplained loan - the loan creditors had deposited cash in their accounts and mostly on the very same day they had transferred the same to...

  3. Interest free loan was advanced to the sister concerned - in the absence of any reference to any business transaction between the assessee and the sister concerns, the...

  4. 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...

  5. Applicbility of 269SS on temporary advances given by sister concerns - When it is the case of providing temporary accommodation to one sister concern to another sister...

  6. Penalty u/s 271D and 271E - Return of loan by cash to the sister concern under a bonafide belief that the transaction with sister concerns is not in violation for...

  7. Adhoc disallowance of expenses deemed improper as assessee did not claim any expenditure. Unsecured loan from sister concern treated as genuine despite lack of creditor...

  8. Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not...

  9. Interest expenses u/s 36(1)(iii) - Addition of interest component considering that there is no commercial expediency in lending to sister concerns - AR explained the...

  10. ITAT partially allowed the appeal concerning unexplained cash credits under Section 68. The Tribunal deleted additions of 1.57 crore cash deposit in Andhra Bank,...

  11. Penalty u/s 271D and penalty u/s 271E - Assessee for taking loan in cash and repaying the loan in cash - the moneys in question were received and repaid for personal...

  12. The ITAT Bangalore addressed unexplained cash deposits u/s 69A, focusing on the credibility of earlier withdrawals as a source for redeposits. The Tribunal examined fund...

  13. 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...

  14. Waiver of loan amount - addition u/s 56(2)(vi) - amount received by the individual or HUF without consideration - It is not just a case where the bank has simply waived...

  15. Cash deposit during demonetization period treated as unexplained cash credit. Assessee's claim of introducing cash as capital in proprietary concern not accepted due to...

 

Quick Updates:Latest Updates