The cash payment more then Rs20000/- is not permissible under section 269SS explanation (iv) either as advance or payment for purchase of property. This provision is applicable from 01-06-2015. The contravention entails penalty under section 271D equal to the amount. This case is to be contested on facts by filing chart of withdrawal from the… (read more)

If the judgement of the jurisdictional High Court is brought to the notice of the bench and not followed it certainly is a mistake apparent from the record rectifiable under section 154 of the IT Act. (i) COMMISSIONER OF INCOME TAX vs. MALI RAM VERMA (2003) 185 CTR (Raj) 539 : (2003) 131 TAXMAN 518… (read more)