Borrower receiving Loan in Cash liable for Dishonour of Cheque even if Loan Amount Beyond Limit for Cash Transactions under Income Tax Act: Bombay HC [Read Order]

Borrower receiving Loan in Cash liable for dishonour of cheque even if Loan Amount Beyond Limit for Cash Transactions under Income Tax Act, rules Bombay HC
By Kalyani B. Nair - On December 29, 2023 11:47 am - 2 mins read
Bombay High Court - Cash loan - Income Tax - Borrower liability in cash transactions - Limit for cash transaction - Cash Transactions - taxscan

In a recent ruling the Bombay High Court observed that the borrower receiving loan in cash liable for dishonour of cheque even if loan amount beyond limit for cash transactions under the Income Tax Act, 1961. The Appellant and respondent No.1 were friends and neighbours. In the month of January, 2007, the appellant had advanced…

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