Read all Latest Updates on and about Section 271D of the Income Tax Act

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ITAT Deletes Penalty u/s 271D: Penalty Held Invalid as Section 153C Assessment Quashed due to Lack of Incriminating Material [Read Order]

Eeva Mary Sanil

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) set aside a penalty of ₹3,50,000 imposed under Section 271D of the Income Tax Act. The...

Recording of satisfaction u/s 271E insufficient for Income Tax Penalty proceedings u/s 271D:...

ITAT deletes Rs. 6 lakh penalty u/s 271D due to bonafide claim of LTCG on part of assessee [Read...

AO Cannot Refer File to JC Regarding Penalty u/s 271D of Income Tax without Recording...

HC penalty - AO failure - Madras HC - Madras HC- penalty order -Taxscan

AO’s failure to Record Reasons for Subjective Satisfaction u/s 271 E: Madras HC sets aside Penalty...

Cash Transaction for Property Registration: ITAT deletes Section 269SS Income Tax Penalty against Women with Elementary Knowledge [Read Order]

The Bangalore bench of Income Tax Appellate Authority ( ITAT ) deleted the penalty imposed on the assessee, who is a woman with elementary knowledge. The assessee, Pushpalatha had filed her Income...

Burden Shifts on AO to prove that cause Lacks Bonafide when Taxpayer shows reasonable cause for accepting Cash Loan: ITAT

The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that the burden shifts on the Assessing Officer ( AO ) to prove that cause lacks bonafide when taxpayer shows reasonable cause for...

Imposing Penalty beyond time period prescribed by u/s 275(1) (c) of Income Tax Act: ITAT deletes Penalty on cash receipt of loans

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty on cash receipt of loans, citing the imposition of the penalty beyond the time period prescribed by under section...

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 can't be imposed on loan transactions made through Banking Channels: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty under Section 271D of the Income Tax Act, 1961 cannot be imposed on the loan transactions made through banking...

No Penalty u/s 271D of Income Tax Act in the Absence of Assessment Proceedings: ITAT [Read Order]

The Indore bench of the Income Tax Appellate Tribunal (ITAT) has quashed a penalty imposed under section 271D of the Income Tax Act, 1961 for the absence of assessment proceedings as the assessee in...

Penalty Against Agriculturist for Accepting Loan Through Banking Channel u/s 269SS of IT Act, 1961: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that no penalty can be levied against an agriculturist for accepting a loan of more than Rs. 20,000/- in cash if the loan is...