Business expenditure and depreciation rules allow operational outgoings while limiting disallowances for personal elements and unsupported third-party...
Compromise-and-arrangement extensions may accommodate debt assignment where creditor commercial judgment supports value maximisation and avoids proced...
Delayed-payment surcharge is not taxable tolerance consideration where it penalises default, while meter testing follows electricity distribution trea...
Sufficient cause for delayed revenue income-tax appeals requires bona fides, due diligence and a credible explanation; otherwise limitation bars appea...
Inverted-duty-structure refunds remain available for unchanged-rate apparel supplies despite trader status and require tax-period-specific computation...
Penalty proceedings under section 271D for accepting cash loans...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings were quashed.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Penalty proceedings under section 271D for accepting cash loans contrary to section 269SS require a regular assessment or reassessment and the Assessing Officer's recorded satisfaction of the alleged contravention. Where neither scrutiny assessment nor reassessment had commenced and no satisfaction was recorded, the Tribunal quashed the proceedings. The approach follows High Court precedent that, without a regular assessment, recourse to comparable penalty proceedings under section 271E is unjustified. Both appeals were allowed.
Penalty proceedings under section 271D for accepting cash loans contrary to section 269SS require a regular assessment or reassessment and the Assessing Officer's recorded satisfaction of the alleged contravention. Where neither scrutiny assessment nor reassessment had commenced and no satisfaction was recorded, the Tribunal quashed the proceedings. The approach follows High Court precedent that, without a regular assessment, recourse to comparable penalty proceedings under section 271E is unjustified. Both appeals were allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4891 
