Penalty u/s 271D/271E - contravention of provisions of sections ...

Tax Penalties Overturned: CIT Appeals Finds Journal Entry Adjustments Not Violations of Sections 269SS and 269ST Provisions.

November 3, 2021

Case Laws Income Tax AT

Penalty u/s 271D/271E - contravention of provisions of sections 269SS/ST - taking or accepting loans otherwise than account payee cheques - book adjustments through journal entries between cross parties - CIT(A) had rightly set-aside the impugned penalty imposed by the Addl. CIT, for the reason, that the same is simpliciter an assignment of receivables or extinguishment of mutual liability of paying/receiving the amounts by the assessee and its sister concerns AND rectification of an error. - AT

View Source

← Previous Next →

Penalty u/s 271D/271E - contravention of provisions of sections ...

Tax Penalties Overturned: CIT Appeals Finds Journal Entry Adjustments Not Violations of Sections 269SS and 269ST Provisions.

November 3, 2021

Case Laws Income Tax AT

You may also like:

Penalty u/s 271D - entries through journal entries - Violation of provisions of section 269SS - round tripping of funds to evade taxes - proof of reasonable cause u/s...

The ITAT Delhi addressed an addition u/s 41(1) converted from u/s 68, focusing on whether there was actual receipt of money or just journal entries for account...

Levy of penalties u/ss 122 and 129 of CGST/SGST Acts - expiry of e-way bill - mens rea in penalty imposition. Technically, violation of law by petitioner in transporting...

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...

The ITAT held that where a partnership firm repays loans to its partners by journal entries/book entries, such transactions are not covered u/ss 269SS/269T of the Act,...

Adjustment of excess service tax paid with subsequent service tax liability - case of Revenue is that Rule 6 (3) of Service Tax Rules, 1994 do not provide for such...

Penalty u/s.271D - violation of Section 269SS - adjustments through journal entries - Since there was no payment in cash either by the assessee or on its behalf it could...

Penalty u/s 271D and 271E - creation/ assignment of debt and liabilities vide journal entries - These entries arise in the normal course of day to day business...

Levy of penalty u/s. 271D - violation of the provisions of Section 269SS - The entire case of the Revenue rests on interpreting the entries in a diary found during...

HC found adjustment of tax refund against outstanding demand invalid due to procedural violations of natural justice under Section 245 of IT Act. Despite taxpayer...

Scope of section 269SS of the Act – Journal entries – there is no proof of receipt of such loan from the records and they were only found to be journal entries - No...

Set off the excess entry tax paid - After verifying the total entry tax paid by the petitioner, for each of the assessment years referred, and the sales tax paid or set...

Penalty u/s. 271D - assessee has repaid loans/ deposits from various sister concerns through journal entries, i.e., otherwise than account payee cheques/draft - though...

Penalty levied u/s 271D and 271E - accepting deposits by way of journal entries - assessee had accepted/paid loans in contravention of provision of section 269SS/269T -...

Penalty u/s. 271D - where the loans are recorded by merely passing adjustment entries or journal entries are outside the scope of section 269SS - No penalty - AT

Quick Updates: