Section 271E of ITA, 1961 : Section 271E: Penalty For Failure To Comply With The Provisions Of Section 269T
ITA, 1961
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Explanation using Example
Imagine a business owner, Mr. Sharma, who took a cash loan of ₹5,00,000 from his friend Mr. Verma. Later, Mr. Sharma decides to repay the loan to Mr. Verma entirely in cash, which is a violation of Section 269T of the Income-tax Act, 1961, as it prohibits r...
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