Tag: penalty u/s 271D
Cash loan from wife due to business expediency. Penalty u/s 271D deleted as the business was carried on in the interest of family and genuineness/sources was not doubted ABCAUS Case Law Citation:ABCAUS 3161 (2019) (10) ITAT Important case law relied upon by the parties:Penmetsa Venkata Soma RajuDr. Dutta …
Penalty u/s 271D for taking cash loan from father and paternal aunt deleted following various decisions of High Courts and Tribunals ABCAUS Case Law Citation: ABCAUS 3001 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: Mohan Karkare Vs. DCIT (1995)(127 Taxation 104) CIT v. Sunil …
Penalty u/s 271D deleted as cash loan was repaid by cheque. Reasons accepted in quantum proceedings should have been accepted in penalty proceeding ABCAUS Case Law Citation: ABCAUS 2992 (2019) (06) ITAT Important Case Laws Cited/relied upon by the parties: M.S. Lakaiah Dimple Yadav 379 ITR 177 (All.) …
Penalty u/s 271D-Cash received to get a good bank balance certificate for visa of the daughter constituted a reasonable cause within the meaning of section 273B ABCAUS Case Law Citation: ABCAUS 2933 (2019) (05) ITAT The only issue in the instant appeal filed by the assessee was as …
Penalty u/s 271D deleted for cash loan from father mother and brothers as loan was from close family relations and there was a reasonable cause u/s 273B ABCAUS Case Law Citation: ABCAUS 2927 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties CIT vs. M. …
Penalty u/s 271D unjustified when bank refused loan and cash was obtained for meeting urgent business expenses as it was a reasonable cause u/s 273B ABCAUS Case Law Citation: ABCAUS 2750 (2019) (01) ITAT The instant appeal by the assessee was against the order passed by the Commissioner …
Penalty u/s 271D was absurd when assessee himself was karta of HUF from where he obtained cash loan-ITAT deleted penalty for violation of section 269SS ABCAUS Case Law Citation: ABCAUS 2749 (2019) (01) ITAT Important Case Laws Cited/relied upon by the parties Rajendra Suryavanshi Vs ACIT (2011) 141 …
No penalty u/s 271D can be levied when cash loans were treated as undisclosed income of the assessee u/s 68 of the Income Tax Act – ITAT ABCAUS Case Law Citation: ABCAUS 2743 (2019) (01) ITAT Important Case Laws Cited/relied upon: Diwan Enterprises vs. CIT CIT vs. Standard …
Cash deposited in bank by friend for making DD for participating in tender was not loan or deposits u/s 269SS or 269T- ITAT deleted penalty levied u/s 271D and 271E ABCAUS Case Law Citation: ABCAUS 2719 (2019) (01) ITAT Important Case Laws Cited/relied upon: OMEC Engineers Vs CIT …
Penalty proceedings u/s 271D without recording satisfaction in the assessment order held to be illegal following Supreme Court judgment ABCAUS Case Law Citation:ABCAUS 2710 (2019) (01) ITAT Important Case Laws Cited/relied upon:CIT Vs. Saini Medical Store, 277 ITR 420 (P&H)CIT Vs. Sunil Kumar Goes, 315 ITR 163 (P&H)CIT …