Cash Loan- Penalty justified on failure to establish Business exigency or urgency 

M. Sougoumarin Vs ACIT (Madras High Court)

High Court held that there was no such reason for regular loan transactions of borrowing and repayment in cash of amounts exceeding Rs.20,000/- so as to escape penal liability under Sections 271E and 271D of the IT Act.

FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT

These appeals are against an order dated 31.3.2016 passed by the Income Tax Appellate Tribunal ‘B’ Bench, Chennai, allowing the appeal

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