Penalty u/s. 271D - assessee has repaid loans/ deposits from ...

December 24, 2022

Case Laws Income Tax AT

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 the assessee has violated the provisions of ss. 269SS/269T of the Act in respect of journal entries, the assessee has shown reasonable cause and, therefore, the penalty imposed u/s 271D/271E of the Act are not sustainable. - AT

View Source

← Previous Next →

Penalty u/s. 271D - assessee has repaid loans/ deposits from ...

December 24, 2022

Case Laws Income Tax AT

You may also like:

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...

Penalty u/s 271D - contravention of provisions of Sections 269SS - assessee has accepted loans and deposits from various sister concerns through journal entries, as...

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...

Levy of penalties under various sections - The Appellate Tribunal, in a consolidated order, addressed several appeals concerning penalties imposed under various sections...

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 or 271E - assessee has accepted loan/deposit from sister concern through journal entries i.e., otherwise then account payee cheque /draft thereby...

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...

Loan or deposit - Section 269SS - Penalty u/s 271D -transactions effected through journal entries - no penalty - HC

Penalty levied u/s. 271D - assessee had taken loan from his brother and his mother in cash for the purpose of purchase of residential property - There is nothing on...

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 imposed u/s.271E and 271D - taking and repayment of loan from the various sister concerns through Journal Entry - all the entries is the bona fide belief of the...

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 levied u/s 271D and 271E - cash loans taken by the assessee in contravention of 261SS - There is no law that every receipt from a partner or a sister concern...

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...

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...

Quick Updates: