Read all Latest Updates on and about section 269SS of the Income Tax Act

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Revenue Ignores Registry’s Defect Memo and Reminders sent by Registry: ITAT dismisses Revenue’s Appeal [Read Order]

Advika Dwivedi

The Income Tax Appellate Tribunal (ITAT), Lucknow, dismissed the Revenue’s appeal relating to penalty under Section 271D of the Income Tax Act,...

Income Tax Annual Digest 2024: ITAT Cases [Part 30]

Income Tax Annual Digest 2024: ITAT Cases [Part 4]

No penalty attracted u/s 269SS and 269TT of Income Tax Act on Share Application Money or Repayment:...

Restriction - Disbursements of Loans - Cash - RBI - NBFCs to Limit Loan Amount - taxscan

Restriction on Disbursements of Loans in Cash: RBI directs NBFCs to Limit Loan Amount to Rs. 20,000

Section 269SS not applicable when Substantial Sale Consideration of Immovable property is evidenced by registered agreement: ITAT deletes Penalty u/s 271D [Read Order]

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) held that Sale transaction evidenced by registered agreement prevents implementation of Section 269SS from curbing black money The...

Penalty u/s 271D of Income Tax Act for Exceeding Cash Transaction Limit shall not be imposed on loan taken from through Account Payee Cheques: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad bench held that the penalty under Section 271D of Income Tax Act for exceeding cash transactions limit should not be imposed on loans taken...

ITAT upholds Penalty imposed for violating Provision of S.269SS of Income Tax Act due to accepting Loan from Company’s Managing Director [Read Order]

The Income Tax Appellate Tribunal (ITAT) Chennai Bench uphled the penalty imposed for violating the provision of Section 269SS of Income Tax Act 1961 due to accepting loan from companies managing...

Transaction Between 2 Companies Cannot come u/s 269SS on Amalgamation: ITAT Deletes Penalty u/s 271E [Read Order]

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...

No Penalty be Imposed in Cases Where “Reasonable Cause” is Successfully Pleaded: ITAT [Read Order]

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...

Provision of Section 269SS/269T of IT Act not applicable if AO found no Explanation Regarding Source of Cash Loans during Search Proceedings: ITAT deletes Penalty [Read Order]

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...

Accepting of Share Application Money is Not “Loan” u/s 269SS of the Income Tax Act, No Penalty: ITAT [Read Order]

The Kolkata Income Tax Appellate Tribunal ( ITAT ) has recently held that accepting of share application money was not loan under section 269SS of the Income Tax Act 1961, no penalty could be levied...