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...
Assessee made repayments of loans/deposits through modes other than account payee cheques/drafts, violating Section 269T. Penalty u/s 271E was imposed. ITAT bifurcated transactions into those with related parties and Customer Sales Agents (CSAs). For CSA transactions, outstanding dues were adjusted against security deposits through journal entries, breaching Section 269SS. However, ITAT held this constituted 'reasonable cause' u/s 273B, not attracting penalty u/s 271E, relying on Ajitnath Hi-Tech Builders (P.) Ltd. [2018 (2) TMI 603 - Bombay HC]. Consequently, ITAT set aside CIT(A)'s order and directed AO to delete penalty levied u/s 271E, deciding in favor of assessee.
Assessee made repayments of loans/deposits through modes other than account payee cheques/drafts, violating Section 269T. Penalty u/s 271E was imposed. ITAT bifurcated transactions into those with related parties and Customer Sales Agents (CSAs). For CSA transactions, outstanding dues were adjusted against security deposits through journal entries, breaching Section 269SS. However, ITAT held this constituted 'reasonable cause' u/s 273B, not attracting penalty u/s 271E, relying on Ajitnath Hi-Tech Builders (P.) Ltd. [2018 (2) TMI 603 - Bombay HC]. Consequently, ITAT set aside CIT(A)'s order and directed AO to delete penalty levied u/s 271E, deciding in favor of assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
