2019 (9) TMI 165 - SCH - Income Tax

Penalty u/s 271E - repayment of deposits in cash made by the assessee to her related persons - default u/s 269T - first burden to establish that there existed a loan or advance - HELD THAT - Since the tax effect involved in this matter is less than ₹ 2 crores, we see no reason to interfere in this matter. The special leave petition is dismissed, leaving all the questions of law open.

Summary

The Supreme Court of India dismissed the special leave petition as the tax effect was less than Rs. 2 crores, leaving all questions of law open. Delay was condoned, and pending applications were disposed of.