https://www.taxtmi.com/caselaws?id=19621 The court upheld the validity of section 269SS of the Income-tax Act, 1961, dismissing the petitioner's challenge on grounds of violation of constitutional articles. The provision was deemed necessary to prevent tax evasion through unaccounted cash and deposits, regulating loan and deposit transactions. The court found the classification rational and not discriminatory, emphasizing the importance of preventing tax evasion for public revenue. Consequently, the petition was dismissed, and the penalty order upheld, with no costs awarded to the petitioner. en-us Thu, 21 Oct 1993 00:00:00 +0530 Sat, 07 Nov 2009 15:25:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19621 The court upheld the validity of section 269SS of the Income-tax Act, 1961, dismissing the petitioner's challenge on grounds of violation of constitutional articles. The provision was deemed necessary to prevent tax evasion through unaccounted cash and deposits, regulating loan and deposit transactions. The court found the classification rational and not discriminatory, emphasizing the importance of preventing tax evasion for public revenue. Consequently, the petition was dismissed, and the penalty order upheld, with no costs awarded to the petitioner. Case-Laws Income Tax Thu, 21 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19621