Loan Advanced in Cash in Violation of Section 269SS IT Act Still Recoverable via Section 138 NI Act Proceedings: Delhi HC

The Delhi High Court has ruled that a loan advanced in cash, even if it exceeds the permissible limit under Section 269SS of the Income Tax Act, 1961, remains a legally enforceable debt for the purpose of proceedings under Section 138 of the Negotiable Instruments Act, 1881 (NI Act). Justice Swarana Kanta Sharma dismissed the

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