Imposition of penalty for contravention of Sec. 269SS
Last updated: 07 January 2009
Court :
Chennai High Court
Brief :
Upheld the order of the Tribunal, which concluded that the reasoning given by the Finance Company for accepting deposits in cash was a genuine and bona fide transactions and held that if the transaction was a genuine and bona fide transaction, that the taxpayer could not get loan or deposit by account payee cheque or demand draft for a bona fide reason, the authorities are vested with the discretion not to levy penalty.
Citation :
The Commissioner Of Income Tax vs M/S.Jayasakthi Benefit Fund Limited on 18 December, 2007
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suresh
Published in Income Tax
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