Case Law Details
Case Name : Commissioner Of Income-Tax.Vs Balaji Traders. (Madras High Court)
Appeal Number : (2008) 303 ITR 312 (Mad)
Date of Judgement/Order : 18/12/2006
Related Assessment Year :
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.
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