Receiver of Sum in Cash Liable u/s 269ST of Income Tax Act: ITAT Quashes Proceedings against Investor for Investment made in Cash [Read Order]

Receiver - Income - Tax - Act - ITAT - Proceedings - Investor - Investment - made - Cash - TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Bangalore bench, while quashing a revisional proceeding, has held that the provisions of section 269ST of the Income Tax Act, 1961 are applicable on the person who receives the sum in cash. The assessee is a partnership firm and filed the return of income for assessment year under consideration…

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