Undisclosed Pawning Income Deemed Loan, Penalty Upheld for Violating Income Tax Act's Section 269SS Requirements.

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....The Punjab and Haryana High Court held that undisclosed income found during a search, related to a pawning business, falls within the scope of Section 269SS of the Income Tax Act. The court determined that the amount disclosed through search and seizure, earned as profit from pawning, constitutes a loan transaction under Section 269(SS). As such, non-compliance with Section 269(SS) triggers penalty u/s 271D. The court ruled in favor of the Revenue, upholding the penalty imposed under Section 271D for accepting loans without complying with the specified requirements.....