Section 69A

Sec. 271(1)(c ), Section 69, Section 69A

Karnataka H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the provisions of s. 69A were not applicable to the present case inasmuch as when the high denomination notes of the face value of Rs. 1,35,000 were attempted to be encashed by the assessee by tendering the same to the RBI, they had ceased to remain legal tenders and had thus become valueless and in that view, in cancelling the penalty of Rs. 95,000 levied under s. 271(1) (c) ?

High Court Of Karnataka CIT vs. Andhra Pradesh Yarn Combines (P) Ltd. Sections 69, 69A, 271(1)(c) Asst. Year 1978-79 H.L.

Section 69, Section 69A

Karnataka H.C : Whether on the facts and in the circumstances of the case, the Tribunal was right in rejecting the explanation of the assessee that the amount of Rs. 75,000 had come out of the income of the firm M/s Madhu Sweets and in holding ultimately that the amount represented the income of the assessee from undisclosed sources ?

High Court Of Karnataka Birendra Singh vs. CIT Sections 69A G.C. Bharuka & A.V. Srinivasa Reddy, JJ. ITRC No. 3

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