Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Addition u/s 69A - Source of Cash deposit - Assessee contended that same is received in advance against the sale of property - Levy of penalty u/s 271D - The ITAT held that, on one hand when the impugned cash receipts are characterized as assessee’s own money the same, on the other hand cannot be a specified sum received from someone else in contravention to provisions of section 269SS, therefore, the very foundation and prerequisite to bring such amount within the realm of section 269SS was lost. - Thus ITAT deleted the penalty on this ground. However, the lelvy penalty, on the issue of repayment of loan to financer in cash, got confirmed.
Addition u/s 69A - Source of Cash deposit - Assessee contended that same is received in advance against the sale of property - Levy of penalty u/s 271D - The ITAT held that, on one hand when the impugned cash receipts are characterized as assessee’s own money the same, on the other hand cannot be a specified sum received from someone else in contravention to provisions of section 269SS, therefore, the very foundation and prerequisite to bring such amount within the realm of section 269SS was lost. - Thus ITAT deleted the penalty on this ground. However, the lelvy penalty, on the issue of repayment of loan to financer in cash, got confirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
