Case Law Details
Shri Shyam Sunder Vs. Sohan Singh @ Shoban Singh (Delhi High Court)
The Trial court has held that in view of the provisions of the Income Tax Act, no loan above Rs. 20,000/- could have been given in cash, so the loan transaction is not liable to be recognized. In so far as this is concerned, Sections 269SS and 269T do make it compulsory for persons who accept loan or deposits of about Rs. 20,000/- to accept them only through proper banking channels. The consequence of not doing so could fasten the parties with penalties under the Income Tax Act, 1961 which the Court is not concerned with in these proceedings. The Plaintiff and the Defendant could be in violation of the said provisions which would be gone into by the Income Tax Authorities. Authorities are free to take action against the parties for violation of the provisions of the said Act.
FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS:-
1. The counsel for the Appellant/Plaintiff (hereinafter, ‘Plaintiff‘) prays for condonation of delay on the ground that the Plaintiff was suffering from jaundice during the relevant period and hence could not take steps to file the In view of the reasons stated in the application, the delay of 213 days is condoned. Accordingly, application stands disposed of.
RFA 189/2015
Please become a Premium member. If you are already a Premium member, login here to access the full content.
