https://www.taxtmi.com/caselaws?id=19044 The court interpreted the phrase "shall also be liable to fine equal to the amount of such loan or deposit" in section 276DD of the Income-tax Act, 1961 as requiring fines to be equal to the loan or deposit amount. It found the sentences imposed by magistrates unduly lenient and clarified that fines must be strictly enforced. The court held that fines should be paid by the firm, not individual partners, ensuring compliance with the legislative intent and statute clarity. The fines imposed on individual partners were deemed illegal and quashed, directing accused firms to pay fines by a specified date. en-us Mon, 19 Dec 1994 00:00:00 +0530 Tue, 03 Nov 2009 16:17:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19044 The court interpreted the phrase "shall also be liable to fine equal to the amount of such loan or deposit" in section 276DD of the Income-tax Act, 1961 as requiring fines to be equal to the loan or deposit amount. It found the sentences imposed by magistrates unduly lenient and clarified that fines must be strictly enforced. The court held that fines should be paid by the firm, not individual partners, ensuring compliance with the legislative intent and statute clarity. The fines imposed on individual partners were deemed illegal and quashed, directing accused firms to pay fines by a specified date. Case-Laws Income Tax Mon, 19 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19044