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Company Avoids Penalties Despite Cash Transactions Violating Section 269SS of Income Tax Act; Directors' Loans Repaid in Cash.
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....Penalty - loan/deposits in cash and in violation of provisions of section 269SS - three directors who have advanced money to the assessee-company and have been repaid in cash - No penalty u/s 271D and 271E - AT....
TaxTMI
TaxTMI