Dear learned experts,
An income tax assessy has been paying tax for 14 years and alleging given a loan of rs.30,00,000/in' cash on various dates in 2017 to a particular person creating documents.
is it tenable in the court of law and pending for disposal.
But as per the income tax act rs more than 20000 are not supposed to give loans except through bank and nowadays most of the public filing case making 10,000 as ten lakhs by adding two more zeros.
is there any solutions to avoid such cases in the court of law ?
it is not an assumption but it is true in many occasions.
advice on this?
The money recovery suit is different to that of the Rs. 20,000/- cash transaction limit.
If the borrower admits his signature in the promissory note then the money recovery suit is maintainable.
