Tag Archives: Section 271D

Penalty enviable for accepting Cash Deposit exceeding Rs 20000 : HC

By | April 24, 2020

Penalty enviable for accepting Cash Deposit exceeding Rs 20000 : HC There is nothing to indicate that the assessee has got any registration as a banking company, as defined under the Banking Regulation Act or not even to the effect that the appellant is a ‘non-banking financing company’ having authorisation from the Reserve Bank of… Read More »

Income Tax Commissioner Power to Reduce or Waive Penalty [ FA 2019]

By | April 21, 2019

Power of Commissioner to Reduce or Waive Income Tax Penalty [As amended by Finance Act, 2019] POWER OF PRINCIPAL COMMISSIONER OR COMMISSIONER TO REDUCE OR WAIVE PENALTY In the tutorial on ‘Penalties Under the Income-tax Act’, we discussed various penalties imposable under the Income-tax Act in respect of various defaults. Apart from enacting penalty provisions,… Read More »

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

By | April 27, 2016

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 »