Mr Javed received loan/deposit from his relative of Rs.10,00,000 cash for his business purpose. AO while doing the assessment u/s 143(3) added the same with total income and issue 156 notice of demand. Is any judicial decisions favourable to assessee??
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269ss and t
Replies (1)
no judicial decision. mr javed is liable to pay penalty u/s 271 equivalent to amount received. accepting cash loan of rs. 20000 or more is in violation of section 269ss
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