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269T TAR

25 August 2022

In a firm, Firm receives more than ₹200000 in Cash from its partner?

TAX AUDIT REPORT:
Is this allowable or will it be penalised under section 271D ?

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2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 25 August 2022

Its violation of Sec. 269ST of IT act .... hence penalty u/s. 271DA would be applicable ...

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Adv. Ravish Bhatt, ADIT, CIOT (Dual Qualified Lawyer/ Solicitor International Tax Affiliate CIOT) (1110 Points)
Replied 25 August 2022

It may be in violation of s.269ST. However, it could be concluded after examining full details of transaction/ transactions for which amount was paid, actual amount paid and other details as s.269ST prohibits receipt of an amount of INR 2 lacs or more in aggregate from a person in a single day or in respect of a single transaction.