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Cash Transactions

ITAT Slashes Tax Demand: Pune Developer’s Rs.1.1 Cr Cash Deposits Partly Accepted as Business Income [Read Order]

Adwaid M S

The Pune Bench of Income Tax Appellate Tribunal (ITAT) reduced a tax demand on a plot seller by 77%, ruling that cash deposits in rural land ...

Cash Transactions above ₹20,000 in Violation of Income Tax S. 269SS Not Legally Enforceable Debt...

Cash Loan above ₹20,000 Not Legally Enforceable: Kerala High Court Acquits Accused in Cheque Bounce...

ITAT - ITAT Slashes Addition - Partial Relief - Assessee on Cash Deposit - Cash Deposit - Demonetization - taxscan

ITAT Slashes Addition, Allows Partial Relief to Assessee on Cash Deposit during Demonetization [Read...

Consolidated Penalty u/s 271D and 271E of Income Tax Act not leviable without Specifying Individual...

Income Tax Department's Search Operation Spans Karnataka, Andhra Pradesh, and Telangana

On October 12, 2023, the Income Tax Department carried out a comprehensive search and seizure operation targeting government contractors, real estate developers, and their affiliates. This operation...

ITAT Imposes Penalty on Assessee for Violating Section 269SS with Cash Transactions Exceeding Rs.20,000 [Read Order]

The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) held that the assessee not having any reasonable cause for accepting the consideration, which is more than Rs.20,000/- by way of cash...

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...

Private Limited Company and Director are Different Persons: ITAT upholds Addition for Exceeding Limit of Cash Transactions u/s 269SS [Read Order]

Income Tax Appellate Tribunal ( ITAT ) upheld the addition for exceeding the limit of cash transactions under section 269SS of Income Tax Act, 1961 made by the Assessing Officer (AO). The...

Congress Leader Kamal Nath’s Involvement in Unaccounted Cash Transactions: Calcutta HC Upholds Transfer Income Tax Proceedings to Delhi [Read Order]

In a major setback to the Congress Leader Kamal Nath, the Calcutta High Court has dismissed a petition by the former Chief Minister of Madhya Pradesh seeking transfer of income tax proceedings to...

Cash Transaction Limits under Income Tax Law

After the implementation of demonetization, the Government and the Income Tax Department favoured the use of bank transfers in place of cash transactions. The implementation of BHIM-UPI, promotion of...

Cash Transactions of Accepting Loans and Repayments due to 'Pressing Requirements': ITAT deletes Penalty for Establishing 'Reasonable Cause' [Read Order]

The Pune bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty under sections 271D and 271E of the Income Tax Act, 1961 is not leviable when cash transactions of accepting loans and...