Tag: penalty u/s 271da

Unsigned document has no validity or veracity in law and cannot be a basis for levying penalty u/s 271DA – ITAT In a recent judgment, ITAT has held that an unsigned document has no validity or veracity in law and Department cannot assume assessee to have made any …

Any transaction of Rs. 2,00,000/- and above in cash to be reported to Income Tax Department – Supreme Court In a recent judgment, the Hon’ble Supreme Court have directed that whenever Rs. 2,00,000/- and above is paid by cash towards any transaction i.e. immovable property or otherwise, the …

Penalty u/s 271DA deleted for receiving cash above Rs. 2 lakhs from farmers against sale of tractors.  In a recent judgment, the ITAT Delhi has deleted penalty u/s 271DA holding that the assessee had bona fide reasons to receive cash over and above Rs. 2 lakhs from the …

CBDT exempts hospitals etc. providing Covid treatment from receiving cash in excess of Rs. 2 lakhs limit u/s 269ST for the period from 01.04.2021 to 31.05.2021 on obtaining the PAN or AADHAAR of patient and payee MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 56/2021 …