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No Penalty for Cash Transaction: Business Advance for Machinery, Not a Loan u/ss 269SS & 269T.

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Full Text of the Document

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....Penalty orders passed u/s 271D and 271E - Violation of provisions of section 269SS and 269T while taking/returning the loan in cash - the nature of transaction is not loan but a business advance for purchase of machinery - No penalty.....

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