The Punjab and Haryana High Court held that undisclosed income ...

High Court upheld penalty u/s 271D for undisclosed income from pawning business, as it violated Section 269SS by accepting loans without compliance.

Case Laws Income Tax

May 21, 2024

The Punjab and Haryana High Court held that undisclosed income found during a search, related to a pawning business, falls within the scope of Section 269SS of the Income Tax Act. The court determined that the amount disclosed through search and seizure, earned as profit from pawning, constitutes a loan transaction under Section 269(SS). As such, non-compliance with Section 269(SS) triggers penalty u/s 271D. The court ruled in favor of the Revenue, upholding the penalty imposed under Section 271D for accepting loans without complying with the specified requirements.

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The Punjab and Haryana High Court held that undisclosed income ...

High Court upheld penalty u/s 271D for undisclosed income from pawning business, as it violated Section 269SS by accepting loans without compliance.

Case Laws Income Tax

May 21, 2024

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