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.

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