Violation of 269SS does not nullify Transaction in S.138 NI Act Case, but constitutes a Separate Offence under IT Act: Karnataka HC [Read Order]

Violation of 269SS - Transaction in S.138 - NI Act Case,- Offence under IT Act - Karnataka HighCourt - taxscan

A Single Bench of the Karnataka High Court has recently held that, transactions of more than Rs.20000/-  in cash, does not vitiate the proceedings under Section 138 Of the Negotiable Instruments Act, 1881 but only results in an additional penalty under Section 269SS of the Income Tax Act, 1961. The Delhi High Court had made…

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