Tag Archives: Section 271E

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 »

No Penalty u/s. 271E of Income Tax on repayment of Advances in Cash : ITAT

By | March 29, 2019

The assessee has repaid in cash in advance received by it from its customers. We find that the Hon’ble CBDT in Circular No.387 of 6.7.1984 held “receiving advance and repayment of advance is a business transaction. The prohibition contained in section 269SS is confined to loans and deposits only and does not extend to purchase/sale transactions.” ITAT… 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 »