Tag Archives: Section 271D

S. 271D AND 271E Penalty initiation not below rank of JCIT : CBDT

SECTION 271D, READ WITH SECTION 271E, OF THE INCOME-TAX ACT, 1961  FAILURE TO COMPLY WITH PROVISIONS OF SECTION 269SS COMMENCEMENT OF LIMITATION FOR PENALTY PROCEEDINGS UNDER SECTIONS 271D AND 271E CIRCULAR NO.9/DV/2016 [F.NO.279/MISC./M-116/2012-ITJ], DATED 26-4-2016 It has been brought to the notice of the Central Board of Direct Taxes (hereinafter referred to as the Board)… Read More »

Acceptance of Cash from Wife is not Loan

Acceptance of Cash from Wife is not Loan Q : When the wife gave cash to her husband for purchase of a house property jointly . The deal in property could not materialise. Can the Assessing Officer impose penalty under section 271D for acceptance of cash by the assessee from his wife? Can the husband return the… Read More »