Cash Loan Recoverable Despite Breach of Income Tax Act as Section 269SS Not Void Transaction

P.Palanikumar Vs R.Selvi (Madras High Court) The Madras High Court considered an appeal filed by the plaintiff after the trial court dismissed his suit for recovery of Rs.31,54,167/-, which was based on a promissory note allegedly executed by the defendant for repayment of a cash loan of Rs.25,00,000/- advanced on 05.06.2015 with interest at 12% per annum. The plaintiff also relied on the defendant’s deposit of the original sale deed as security, the legal notice issued by him, and the defendant’s reply notice. The trial court dismissed the suit despite the defendant neither filing...