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ITAT upholds Penalty Levied u/s 271D of IT Act for Contravention of Section 269SS for Accepting Loan and Advances other than by way of Account Payee Cheques

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has recently upheld that penalty levied under section 271D of the Income Tax Act...

Addition of loan Amount as Outstanding Balance without Proper Evidence and Documents: ITAT directs...

Foreign Exchange Loss incurred for Converting Loan to Foreign Currency allowable as Business Loss:...

Interest Income from Loan Extended Against Mortgage of Properties would not Constitute Rental...

Relief to Rajasthan Financial Corporation, Service Charges for Prepaid or foreclosure of loan by...

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...

Gujarat FM Kanubhai Mohanlal Desai on GST Compensation: Central Govt. owes ₹ 9,136 Crore

The Central Government owes the Gujarat Government Rs 9,136 crore as compensation for income loss over the past two years under the provisions of the Goods & Services Tax (GST) Act, Gujarat...

“Loan Given” in Cash Exceeding Prescribed Limit does not attract Penalty u/s 271D of Income Tax Act: ITAT [Read Order]

The Indore bench of Income Tax Appellate Tribunal ( ITAT ) recently held that in case of “loan given” Penalty under section 271D Income Tax Act 1961 would be invalid. The fact of the case is that...

Loan obtained in non-gratuitous nature will not fall U/s 2(22)(e): ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that a loan obtained of non-gratuitous nature will not fall under section 2(22)(e) of the Income Tax Act,1961. The assessee,...

Loan to Director due to Urgent need of Finance in Company, reflected in Books will not attract S. 269SS: ITAT deletes Penalty

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the loan to the Director due to urgent need of finance in the Company which is duly reflected in the journal entries will not...

Waiver of Principal Loan Amount in Cash cannot be treated as Business Perquisite: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Ahmedabad bench has held that the waiver of principal loan amount in cash cannot be treated as business perquisite under section 28(iv) of the Income Tax...

Loan amount received through proper Banking Channel and Confirmation Letter also filed: ITAT sets aside Addition as Genuineness of Transaction proved [Read Order]

Income Tax Appellate Tribunal (ITAT), Chennai sets aside addition as genuineness of transaction was proved by assessee as loan amount was received through proper banking channel and confirmation...

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