High Court of Karnataka Dismisses Revenue Appeal in Income Tax Penalty Case — Repayment of Loans in Cash Not Violative of Section 269T Where Loans Were Not Taken by Assessee. The court held that Section 269T applies only to repayment of loans taken by the assessee, not to repayment of advances received from others.
18 Aug 2015The Revenue appealed against the order of the Income Tax Appellate Tribunal, Bangalore, which had set aside the penalty imposed under Section 271E of ...
