Penalty imposed is valid for obtaining & repaying cash loans exceeding Rs. 20000 : MADRAS HC
In course of inspection of the books of A. Kannan, it was found that the appellant assessee had repaid loan of Rs. 20,00,000/- in cash to A. Kannan on various dates. Held Statutory provisions which prohibit acceptance of repayment of loans in cash are binding on all Income Tax payees and breach thereof attracts the… Read More »