https://www.taxtmi.com/caselaws?id=62955 The Tribunal upheld the penalty imposed on a chit fund company for accepting cash loans or deposits in violation of section 269SS. The company's argument that the cash was for share application money and temporary needs was rejected. The Tribunal determined that the repeated transactions indicated a loan-like arrangement, not share application money. Affidavits and book entries were dismissed as lacking evidentiary value. Judicial precedents were deemed irrelevant, and exceptional circumstances were not recognized. The penalty was confirmed as the transactions were found to be loans or deposits, violating section 269SS. en-us Wed, 19 Jan 1994 00:00:00 +0530 Tue, 25 Jan 2011 18:24:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62955 The Tribunal upheld the penalty imposed on a chit fund company for accepting cash loans or deposits in violation of section 269SS. The company's argument that the cash was for share application money and temporary needs was rejected. The Tribunal determined that the repeated transactions indicated a loan-like arrangement, not share application money. Affidavits and book entries were dismissed as lacking evidentiary value. Judicial precedents were deemed irrelevant, and exceptional circumstances were not recognized. The penalty was confirmed as the transactions were found to be loans or deposits, violating section 269SS. Case-Laws Income Tax Wed, 19 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62955