Section 269ST of the Income Tax Act
The decision most relied on for Section 269ST is CIT v. Khoday Eswarsa & Sons 1972 CTR (SC) 295 (83 ITR 369), cited in 94 of the 83 judgments on BharatTax that turn on this section.
Leading authorities on Section 269ST
Penalty proceedings are distinct from assessment proceedings. A penalty cannot be levied solely on the basis of reasons given in the original order of assessment, and the assessee is not barred from challenging assessment findings during penalty proceedings.
Money received by a company as share application money from directors or shareholders, especially when no interest is charged and held in a current account, does not constitute a 'loan or deposit' under Section 269SS. Therefore, no penalty can be levied under Section 271D for such transactions.
Belated and unsupported retractions of admissions or statements, particularly those recorded under Section 132(4) during search operations, are meaningless and do not discharge the assessee's burden of proof to show the admission was involuntary or incorrect.
Belated and unsupported retractions of statements made during a search or seizure are meaningless and will not be considered by the Assessing Officer. Such retractions must be substantiated with evidence.
Judgments on Section 269ST
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