Journal Entries Are Not a Substitute for Banking Channels: ITAT Upholds Penalties for violating Sections 269SS and 269T The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has upheld penalties imposed on M/s Manjri Horse Breeders Farm Pvt. Ltd. for violating Sections 269SS and 269T of the Income Tax Act, holding that large financial…
Delhi ITAT quashes Section 263 revisionary order for “inadequate enquiry” The Delhi Bench ‘B’ of the Income Tax Appellate Tribunal (ITAT) on 14 May held that revisionary powers under Section 263 of the Income-tax Act, 1961 cannot be invoked merely because the Assessing Officer failed to examine or initiate penalty proceedings relating to Section 269T…
Income Tax Penalty proceeding initiated with prior approval of additional commissioner Valid: HC The petitioner, a service co-operative bank, challenged penalty proceedings initiated under Sections 271D and 271E of the Income Tax Act for multiple assessment years. The assessments had been completed under Section 153A pursuant to a search under Section 132. While appeals against…
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