High Court Rules Cash Loan Violations u/s 269SS Attract Penalties, Regardless of Explanations for Cash Transactions.

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....Penalty u/s 271D - Even if, the Assessee has explained the identity, the source and genuineness of receipt in cash for the purpose of Section 68, would not by itself permit / allow a party to obtain loans in cash in breach of Section 269 SS of the Act. - HC....