Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: articles on VAT and GST in India :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: empanelment :: VAT RATES :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: VAT Audit
 
 
From the Courts »
 Centaur Helicopter Services P. Ltd. Vs. Commissioner Of Income Tax
 Ashok Chawla Vs. Commissioner Of Income Tax
 NATIONAL AGRICULTURAL COOPERATIVE MARKETING FEDERATION OF INDIA LTD. Vs. COMMISSIONER OF INCOME TAX, DELHI-XI & ANR.
  CIT vs. Annamalaiar Mills (Supreme Court)
 Kalyani Barter (P) Ltd vs. ITO (ITAT Kolkata)
  Rajendra Goud Chepur vs. ITO (AP & T High Court)
  CIT vs. Annamalaiar Mills (Supreme Court)
 Sunita Jain vs. ITO (ITAT Ahmedabad)
 CIT vs. Gagandeep Infrastructure Pvt. Ltd (Bombay High Court)
 CIT vs. Rekha Bai (Supreme Court)
 Teena Gupta vs. CIT (Allahabad High Court)

Chemfert Traders (Bombay) Pvt. Ltd vs. ACIT (ITAT Mumbai)
March, 18th 2015

S. 271D/ 271E: If assessee's plea about compulsion to pay/ receive loans in cash is not disputed, the violation of s. 269SS/269T is deemed to be bonafide and does not attract penalty

According to the plea raised, the persons who have advanced these loans to the assessee are relatives of a salesman who reside in a village and were having no bank account. Such contention of the assessee has not been discarded or disproved. It is also not mentioned in the penalty order that the aforementioned amount taken by the assessee in violation of section 269SS and repayment thereof in violation of section 269T was not bonafide transaction and the same was made with a view to evade tax. If it is so, then according to the decision of Hon’ble Bombay High Court in the case of CIT vs. Triumph International Finance (I) Ltd 345 ITR 720, no penalty is imposable either under section 271D or under section 271E as the explanation submitted by the assessee would be considered to be reasonable cause under section 273B of the Act.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions