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of <h1>Special Leave Petition Dismissed by SC India on Tax Grounds, Legal Questions Open</h1> The SC of India dismissed the special leave petition due to tax effect being below Rs. 2 crores, leaving legal questions open. Delay was excused, and ... Penalty u/s 271E - repayment of deposits in cash made by the assessee to her related persons - default u/s 269T - first burden to establish that there existed a loan or advance - HELD THAT:- Since the tax effect involved in this matter is less than ₹ 2 crores, we see no reason to interfere in this matter. The special leave petition is dismissed, leaving all the questions of law open. The Supreme Court of India dismissed the special leave petition as the tax effect was less than Rs. 2 crores, leaving all questions of law open. Delay was condoned, and pending applications were disposed of.
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