Levy of penalty u/ss 271D and 271E was challenged - default u/ss ...

Penalties u/ss 271D and 271E Removed for Cash Transactions Due to Business Necessity and COVID-19 Delays.

August 7, 2024

Case Laws Income Tax AT

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 contended cash was received to meet urgent expenses at project site when funds were unavailable - argument that cash loans from directors were exempt from sections 269SS and 269T rejected as no such exception exists in statute - limitation argument rejected as proceedings completed within statutory limit - delay due to COVID-19 pandemic excluded - penalty levy inappropriate given assessee's business requiring frequent expenditure at distant project site and possibility of cash loans from directors due to exigency - appeals allowed by deleting penalties.

View Source

← Previous Next →

Levy of penalty u/ss 271D and 271E was challenged - default u/ss ...

Penalties u/ss 271D and 271E Removed for Cash Transactions Due to Business Necessity and COVID-19 Delays.

August 7, 2024

Case Laws Income Tax AT

You may also like:

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...

The case involved a challenge to penalty orders u/ss 271D and 271E before the Appellate Tribunal. The issue revolved around the reassessment proceedings being quashed,...

Penalty u/s 271D or 271E - Penalty u/s.271D or 271E of the Act is concerned, those are independent proceedings and having nothing to do with assessment proceedings or...

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 u/s 271D and penalty u/s 271E - Assessee for taking loan in cash and repaying the loan in cash - the moneys in question were received and repaid for personal...

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...

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...

Penalty u/s 271D read with section 269SS and Penalty u/s 271E read with section 269D - cash transaction - Merely on the regular balance interest paid the transaction...

HC ruled penalty proceedings under sections 271D and 271E require explicit satisfaction to be recorded by Assessing Officer during reassessment. Mere recording of...

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

Penalty u/s. 271D and 271E - numerous cash deposits and repayment was made in cash - assessee has demonstrated the funds were arranged in cash on urgent requirement of...

Levy of penalty u/s.271D/271E - transaction by passing a journal entry - proof of reasonable cause u/s 273B - the business constraint and exigency and administrative...

Levying penalty u/s 271D - violation of section 269SS - “reasonable cause” u/s 273B - sale of property - total consideration assessee received part by demand draft and...

Levy of penalty u/s.271D - assessee had taken cash loan from her husband and mother-in-law which has been repaid in cash - the expression “reasonable cause” in section...

ITAT quashed penalties under sections 271D and 271E for accepting cash loans of Rs. 17,00,000 in violation of section 269SS. Tribunal considered assessee's circumstances...

Quick Updates: