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Limited Company Penalized u/s 271D for Receiving Unsecured Loan in Cash; Ignorance of Law Not Accepted.

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....Penalty u/s 271D - receipt of unsecured loan in cash - a Limited Company right from being formed is assisted by Chartered Accountant and Company Secretary, who are well qualified professionals & the justification tendered that R.P. Goyal being less literate, deserves no indulgence and it goes without saying that ignorance of law is no excuse. - HC....

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