Case Law Details
Case Name : M/s. Soundarya Textiles Vs The Assistant Commissioner Of Income Tax (Kerala High Court)
Related Assessment Year :
Courts :
All High Courts Kerala High Court
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The short facts involved in the above appeal are relating to the contribution made by 12 persons amounting to Rs. 51,20,000/- during the assessment year 2005-2006. The assessing officer found that the assessee has accepted the aforesaid amount contravening the provisions of Section 269SS of the Income-tax Act (for short `the Act’) and initiated proceedings to impose penalty under Section 271DD of the Act.
The assessee tried to explain the said allegation
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The same will apply and the receiver has to pay the tax to the extent of the loan if the amount is more than Rs.20000
Please confirm the consequences of earlier loan given if we received the loan amount now in more than 20,000 in a cash.