No penalty for Cash Loans from sister concerns to pay to labourers at remote place

PCIT Vs Akash Infra-com-Projects Pvt. Ltd. (Orissa High Court)

Assessee had accepted the loans of 1 .5 crores in cash from M/s Laxmi Nrushingha Construction and Rs.20 lakhs in cash from M/s S.S. Parida during the AY in question in violation of the provision of Section 269SS of the Act.

The reason given by the Assessee in response to the show cause

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