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CIT Vs. Balaji Traders (2008) 303 ITR 312 (Mad)
Case Law Details
- Case Name
- Commissioner Of Income-Tax.Vs Balaji Traders. (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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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...
