CIT Vs. Balaji Traders (2008) 303 ITR 312 (Mad)

CIT Vs. Balaji Traders (2008) 303 ITR 312 (Mad) – In this case it has been held that deletion of penalty was justified in a case where:- (i) creditors are genuine and transactions not doubted (ii) there is no revenue loss to the exchequer, and (iii) there is business exigency forcing the assessee to take cash loan. IN THE HIGH COURT OF MADRAS Commissioner Of Income-Tax. Vs. Balaji Traders. (2008) 303 ITR 312 (Mad) Date 18/12/2006 JUDGMENT P.D. Dinakaran, J.-At the instance of the revenue, the appeal is directed against the order of the Income-tax Appellate Tribunal dated...