Understanding Sections 269SS, 269T, and 269ST: Implications and Penalties under Sections 271D, 271DA, and 271E

1. Overview of Sections 269SS, 269T, and 269ST:

Detailed explanation of the provisions, objectives, and scope of Sections 269SS, 269T, and 269ST under the Income-tax Act.

2. Penalties for Non-Compliance with Sections 269SS, 269T, and 269ST:

Discussion on the penalties imposed under Sections 271D, 271DA, and 271E for violations of Sections 269SS, 269T, and 269ST.

3. Common Pitfalls and Mistakes Leading to Penalties:

Examination of frequent errors made by taxpayers that result in the imposition of penalties under these sections.

4. Guidance on Maintaining Records and Documentation:

Best practices for maintaining proper records and documentation to ensure compliance with Sections 269SS, 269T, and 269ST.

5. Definition of a Loan and deposits as per Judicial Decisions and Law Dictionaries:

Clarification of what qualifies as a loan based on judicial interpretations and definitions provided in law dictionaries.

6. Whether two Parties are necessary to Qualify the criteria for obtaining Loan:

Discussion on whether the involvement of two parties is essential for an arrangement to be classified as a loan.

7. Qualification of Partner Capital as a Loan:

  Analysis of whether capital contributions made by partners qualify as loans under the Income-tax Act.

8. Applicability of Section 269SS to Unpaid/Deferred Purchase Price:

Evaluation of whether unpaid or deferred purchase prices fall under the purview of Section 269SS.

9. Specified Sum under Section 269SS:

  Explanation of what is covered under the term “specified sum” as per the provisions of Section 269SS.

10. Loans Borrowed by Primary Agricultural Credit Society from Members:

Assessment of whether loans borrowed by a primary agricultural credit society from its members attract the provisions of Section 269SS.

11. Repayment to Third Party on Lender’s Instruction and Penalty under Section 271E:

Discussion on whether repayments made to a third party on the lender’s instruction attract penalties under Section 271E.

12. Reasonable Cause for Accepting Loans or Making Repayments in Cash:

Examination of scenarios where proving a reasonable cause for accepting loans or making repayments in cash may avoid penalties.

13. Imposition of Penalties Independently without Assessment:

  Analysis of whether penalties can be imposed independently without the need for an assessment.

14. Penalty under Section 271D for Cash Payments in Property Sales:

Discussion on the imposition of penalties under Section 271D if the payment for the sale of property is received in cash before the registrar.

15. Authority to Levy Penalties under Sections 271D, 271DA, and 271E:

Identification of the authorities responsible for levying penalties under Sections 271D, 271DA, and 271E.

Q&A Session:

Address common queries and concerns from participants regarding these provisions and penalties.