A single-judge bench led by Justice G Basavaraja of the Karnataka High Court ruled that violating Section 269SS of the Income Tax Act, which states that if the transaction amount exceeds Rs.20,000, the transaction must be made by cheque or demand draught, does not render the transaction void and can be considered a legally recoverable
Cheque Bounce: Cash Transaction in Excess of Rs 20K Doesn’t Make the Transaction Void: Karnataka HC
