https://www.taxtmi.com/caselaws?id=249001 The court interpreted Section 269T of the Income Tax Act, emphasizing that it applies to the mode of repayment, not just the amount. The appellant's argument that the section did not apply due to the repayment sum being below Rs.20,000 was rejected. The court held that the section mandates repayment by account payee cheque or bank draft, focusing on the loan or deposit amount. Explanation (iii) of Section 269T was crucial in defining "loan or deposit." Cash repayments exceeding the threshold were deemed in violation, with the court dismissing the appeal and upholding the penalty imposed under Section 269T. en-us Mon, 10 Mar 2014 00:00:00 +0530 Wed, 02 Jul 2014 08:58:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249001 The court interpreted Section 269T of the Income Tax Act, emphasizing that it applies to the mode of repayment, not just the amount. The appellant's argument that the section did not apply due to the repayment sum being below Rs.20,000 was rejected. The court held that the section mandates repayment by account payee cheque or bank draft, focusing on the loan or deposit amount. Explanation (iii) of Section 269T was crucial in defining "loan or deposit." Cash repayments exceeding the threshold were deemed in violation, with the court dismissing the appeal and upholding the penalty imposed under Section 269T. Case-Laws Income Tax Mon, 10 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249001