Penalty u/s 271D - acceptance of in cash in contravention to the ...

Case Laws Income Tax

December 13, 2023

Penalty u/s 271D - acceptance of in cash in contravention to the provision of section 269SS - Satisfaction must be recorded in the original assessment order for the purpose of initiation of penalty proceedings - Penalty deleted - AT

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Penalty u/s 271D - acceptance of in cash in contravention to the ...

Case Laws Income Tax

December 13, 2023

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The ITAT held that for penalty u/s 271D for contravention of section 269SS, recording satisfaction by AO is mandatory. Citing Jaya Laxmi Rice Mills case, it emphasized...

Penalty u/s 271D - violation of provisions u/s 269SS - cash receipt claimed as advance against sales - recording of the satisfaction by the AO is sine qua non for...

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....

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Levy of penalty u/s 271D - contravention of provision of section 269SS - Since the cash was accepted by the assessee company on working days, the argument of the...

Penalty u/s 271D - Acceptance of loan in Cash by the appellant firm from its agriculturist customer - violation of provisions of section 269SS - penalty confirmed - HC

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