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Court Rules No Penalty u/s 271D for Transactions in Company's Running Account with Promoters.

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Full Text of the Document

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....Levy of penalty u/s 271D - violation of the mandate u/s 269SS - advances to promoter for day to day expenditure - current account of a company with its promoters, where such current account was a running one, could not be considered as loan or advances.....

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