Stay of demand / waiver of pre-deposit - Penalty u/s 271E - ...

Reconsideration Ordered for Penalty Case After Misclassification of Book Entries as Cash Transactions.

January 5, 2024

Case Laws Income Tax HC

Stay of demand / waiver of pre-deposit - Penalty u/s 271E - Allegation of cash transactions - whereas there were adjustments by way of book entries - When such being the case, initiation of proceedings against the petitioner appears to have been made under an wrong assumption that there was cash transaction. - Appellate authorities directed to consider the case afresh without insisting pre-deposit - HC

View Source

← Previous Next →

Stay of demand / waiver of pre-deposit - Penalty u/s 271E - ...

Reconsideration Ordered for Penalty Case After Misclassification of Book Entries as Cash Transactions.

January 5, 2024

Case Laws Income Tax HC

You may also like:

Addition u/s 68 - accommodation entry - issue of shares for consideration other than 'cash' - "Adjustment by way of book entry" can only be in the case where there is...

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...

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 & 271E - default committed in violation of section 269SS & 269T - Reliance on search proceeding documents - Transactions being mere book entries -...

Penalty u/s 271D - violation of provisions of section 269SS - merely by passing one receipt entry in cash book and one payment entry in cash book for a sum, no...

This case pertains to the addition made u/s 69A of the Income Tax Act regarding unexplained cash found during a search operation. The assessee produced a cash book to...

Addition u/s 69B - Cash transactions in the seized documents during a search operation - cash against sale of flat - When no material has been found that assessee has...

Difference in cash as per cash book and physical cash - The assessee made up the cash book later on to present that there was no difference. However, nothing of this...

Addition U/s 40A(3) - book entries in respect of incentives. - Merely because some book entries are routed through the assessee’s cash book the learned Assessing Officer...

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...

Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

HC upheld ITAT's ruling that additions under s.68 were not warranted where shares were issued without monetary consideration through book entries. The transaction...

Unexplained money u/s 69A r.w.s. 115BBE - Cash seized in search - The assessee provided a cash reconciliation statement, demonstrating that the cash balance remained...

Unexplained cash credit u/s 68 - there was no actual transaction of cash credit in the books of accounts which were based on fake entries having no substance. - Question...

Deposits by the assessee in bank account during demonetization period were not unexplained. Section 69A is inapplicable as there were proper entries for cash sales, cash...

Quick Updates: