Penalty u/s 271D and penalty u/s 271E - Assessee for taking loan ...

Cash Loan Penalties Not Applicable: Personal Transactions with Relatives Exempt from Sections 269SS and 269T Restrictions.

October 29, 2021

Case Laws Income Tax AT

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 transaction and there is no material to come to the conclusion that these were in relation to any business transactions - acceptance and repayment of cash for personal purpose between near relatives do not attract the provisions of sec.269AA and 269T. - AT

View Source

← Previous Next →

Penalty u/s 271D and penalty u/s 271E - Assessee for taking loan ...

Cash Loan Penalties Not Applicable: Personal Transactions with Relatives Exempt from Sections 269SS and 269T Restrictions.

October 29, 2021

Case Laws Income Tax AT

You may also like:

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...

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...

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 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...

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...

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...

Penalty u/s 271 D - default u/s 269SS - Assessee had accepted the loans in cash - as pe assessee both the entities from whom the cash loan was taken were partnership...

Penalty u/s 271D & 271E - allegation of cash loan having been taken/repaid - The ITAT underscored the principle that penalties under Sections 271D and 271E for...

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

The case pertains to penalty proceedings u/s 271D for violating Section 269SS and Section 271E of the Income Tax Act. The assessee received Rs. 18 lakh from a trustee...

Penalty u/s 271D - contravention of Section 269SS - cash loan taken by the assessee - There existed reasonable cause for the assessee for accepting cash loans from his...

Penalty u/s 271D - receiving cash from relatives and family members by the assessee under medical emergency - such transaction cannot be treated as loan or advance and...

Addition u/s 68 of the Income Tax Act. The assessee, who did not maintain books of accounts, received interest-free loans from Shri Anil Kumar Singh through normal...

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...

Quick Updates: