ITAT Slashes Addition, Allows Partial Relief to Assessee on Cash Deposit during Demonetization [Read Order]
In a significant ruling, the Surat Bench of the Income Tax Appellate Tribunal ( ITAT ) granted partial relief by reducing the addition made under...
![Consolidated Penalty u/s 271D and 271E of Income Tax Act not leviable without Specifying Individual Cash Transactions: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-Cochin-ITAT-Income-Tax-individual-cash-transactions-Cash-Transactions-Penalty-Consolidated-Penalty-taxscan.webp "Consolidated Penalty u/s 271D and 271E of Income Tax Act not leviable without Specifying Individual Cash Transactions: ITAT [Read Order]")
![ITAT Imposes Penalty on Assessee for Violating Section 269SS with Cash Transactions Exceeding Rs.20,000 [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/10/ITAT-Penalty-Assessee-Violating-Cash-Transactions-Exceeding-taxscan.jpg "ITAT Imposes Penalty on Assessee for Violating Section 269SS with Cash Transactions Exceeding Rs.20,000 [Read Order]")
![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]](https://www.taxscan.in/wp-content/uploads/2023/08/Penalty-Income-Tax-Act-Exceeding-Cash-Transaction-imposed-on-loan-taken-loan-Account-Payee-Cheques-ITAT-taxscan.jpg "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]")
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...
![Private Limited Company and Director are Different Persons: ITAT upholds Addition for Exceeding Limit of Cash Transactions u/s 269SS [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Private-Limited-Company-ITAT-Cash-Transactions-Cash-Transactions-Income-tax-tax-taxscan.jpg "Private Limited Company and Director are Different Persons: ITAT upholds Addition for Exceeding Limit of Cash Transactions u/s 269SS [Read Order]")
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...
![Congress Leader Kamal Nath’s Involvement in Unaccounted Cash Transactions: Calcutta HC Upholds Transfer Income Tax Proceedings to Delhi [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/01/Kamal-Naths-Unaccounted-Cash-Transactions-Calcutta-HC-Transfer-Income-Tax-Delhi-TAXSCAN.jpg "Congress Leader Kamal Nath’s Involvement in Unaccounted Cash Transactions: Calcutta HC Upholds Transfer Income Tax Proceedings to Delhi [Read Order]")
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...
![Cash Transactions of Accepting Loans and Repayments due to Pressing Requirements: ITAT deletes Penalty for Establishing Reasonable Cause [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Cash-Transactions-Loans-Repayments-Pressing-Requirements-ITAT-Penalty-Reasonable-Cause-Taxscan.jpeg "Cash Transactions of Accepting Loans and Repayments due to Pressing Requirements: ITAT deletes Penalty for Establishing Reasonable Cause [Read Order]")
Sec 269T of Income Tax Act restricting Cash Transactions above Rs. 20,000 not applicable to Repayment of Loans: ITAT [Read Order]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) comprising Shri R.S. Syal, Vice President and Shri Partha Sarathi Chaudhury, Judicial Member, has held that the provisions of section 269T...
![Sec 269T of Income Tax Act restricting Cash Transactions above Rs. 20,000 not applicable to Repayment of Loans: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/05/Income-Tax-Act-Cash-Transactions-Repayment-of-Loans-ITAT-Taxscan.jpg "Sec 269T of Income Tax Act restricting Cash Transactions above Rs. 20,000 not applicable to Repayment of Loans: ITAT [Read Order]")
Cash Transactions between Trust and Managing Trustee are not covered u/s 269SS of Income Tax Act: ITAT deletes Penalty [Read Order]
The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has held that the managing trustee of the society is not covered by the expression “any other persons” occurring in section 269SS or...
![Cash Transactions between Trust and Managing Trustee are not covered u/s 269SS of Income Tax Act: ITAT deletes Penalty [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/04/Cash-Transactions-Trust-Managing-Trustee-Income-Tax-Act-ITAT-Penalty-Taxscan.jpg "Cash Transactions between Trust and Managing Trustee are not covered u/s 269SS of Income Tax Act: ITAT deletes Penalty [Read Order]")
Telescoping Benefit allowable on Addition on Bogus Purchases, not on Cash generated out of such Purchase in Group Concerns: ITAT [Read Order]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the telescoping benefit allowable on addition on the bogus purchases not on cash generated out of such bogus purchases by...
![Telescoping Benefit allowable on Addition on Bogus Purchases, not on Cash generated out of such Purchase in Group Concerns: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/07/Bogus-Purchases-Taxscan.jpg "Telescoping Benefit allowable on Addition on Bogus Purchases, not on Cash generated out of such Purchase in Group Concerns: ITAT [Read Order]")