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Advance Received from Promoters in Cash Through Current Accounts Not violation of S. 269SS: ITAT - (04 Apr 2019)

DIRECT TAXATION

Income Tax Appellate Tribunal (ITAT), Chennai has held that no penalty can be imposed for receiving advances from the promoters in cash through their respective current accounts and it is not a violation of Section 269SS of Income Tax Act.

Tags : ITAT   SECTION 269SS   PROMOTERS  

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