Levy of penalty u/s 271D - accepting cash loans and advances ...

Case Laws Income Tax

May 22, 2023

Levy of penalty u/s 271D - accepting cash loans and advances beyond the prescribed limit - The pleading of assessee that the cash was required to meet urgent business requirements is also negated by the findings of fact by the AO that the assessee had sufficient funds in its banks accounts on the day it took cash loans from the directors and the days on which the expenses were made were bank working days - Additions confirmed - AT

View Source

← Previous Next →

Levy of penalty u/s 271D - accepting cash loans and advances ...

Case Laws Income Tax

May 22, 2023

You may also like:

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 r.w.s. 273B - reasonable cause for the assessee to accept loan over ₹ 20,000/- in cash - levy of penalty confirmed.

Penalty levied u/s. 271D and 271E - The assessee has filed affidavits of the lenders who are agriculturist to substantiate that they have advanced cash loan for the...

Penalty u/s 271D - amount accepted by the assessee in cash - advance received against sale of land - Section 269SS refers to the loan or deposit received in cash and...

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 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...

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....

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...

Addition u/s 69A - Source of Cash deposit - Assessee contended that same is received in advance against the sale of property - Levy of penalty u/s 271D - The ITAT held...

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...

Penalty levied u/s 271(1)(c) - addition u/s 2(22)(e) - deemed dividend - While levying the penalty, the deeming provisions can be applied to a limited extent and instant...

Levy of penalty u/s 271D - cash loan received from mother in violation of provision of Section 269SS - bona fide reason - this advance or loan in cash is between blood...

Penalty u/s 271D - receipt in cash being undisclosed income - Loan or advance is a sine qua non or foundational fact for the applicability of the provisions of Section...

Penalty u/s. 271D - unsecured loans in the form of cash - the amount paid by the Directors / Shareholder towards share capital and unsecured loans in the form of cash...

Quick Updates: