The Central Board of Direct Taxes ( CBDT ) has directed the banks to refund the charges collected after January 1st 2020 on E-Transactions. The Circular issued by CBDT said that, In furtherance to the

The Central Board of Direct Taxes ( CBDT ) has invited applications for Prescribing of certain electronic modes of payment under Section 269SU of the Income Tax Act, 1961. According to the newly inserted provision

The Central Board of Direct Taxes (CBDT) issued the clarification on Wednesday that the provisions of section 269SU of the Income Tax Act shall not be applicable to a specified person having only B2B transactions

The Central Board of Direct Taxes ( CBDT ) to levy a penalty for not providing facility to accept digital payments from February 1st, 2020. In furtherance to the declared policy objective of the Government

In the Budget 2023, the Finance Minister suggested a new cash transaction cap for agricultural loans and deposits under section 269SS of the Income Tax Act, 1961. The fine was exempt up to 2 lakh

The Indore bench of Income Tax Appellate Tribunal (ITAT) has recently held that provision of section 269SS/269T Income Tax Act 1961 should not be applicable if Assessing Officer (AO) not found explanation regarding source of

Income Tax Appellate Tribunal (ITAT), Kolkata bench has deleted penalty under section 273B of Income Tax Act 1961 and proclaimed that the cash transactions with sister-in-law and nephew does not fall in the definition of

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the provisions of section 269SS of the Income Tax Act will not be applicable to loan transaction between husband and wife. While

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271E of the Income Tax Act 1961 holding that the transaction between 2 companies could not come under Section 269SS

The Income Tax Department carried out a search and seizure operation on a prominent Hotelier, owning a chain of Hotels at  Srinagar, Gulmarg, Sonamarg, and Pahalgam with another hotel under construction at Leh. Various incriminating

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that no penalty shall be imposed in cases where reasonable cause was successfully pleaded. The assessee Narendrakumar was an individual engaged in the business

The Income Tax Appellate Tribunal (ITAT), Chennai has held that no penalty can be imposed for receiving advances from the promoters in cash through their respective current accounts. Assessee engaged in the business of real

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) recently held that cash loan from the wife for the purchase of the house which is for the benefit of the whole family cannot be

Section 269ST was introduced in the Income Tax Act, 1961 by the budget 2017. Under this section, no person can receive payment above ₹2 Lakhs in a single day. The main aim of this section

A division bench of the Kolkata Income Tax Appellate Tribunal (ITAT), last week held that cash transactions between husband and wife would not attract section 269SS of the Income Tax Act, 1961. As per section