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The Correspondence Rbanms Educational ... vs B Gunashekar on 12 August, 2022

37. Learned counsel appearing for the defendants/respondents has also relied on the law laid down by the Supreme Court in The Correspondence, RBANMS Educational Institution Vs. B. Gunashekar and another; 2025 (5) SCR 94. He relied on merit of transaction if made in cash and he relied that it is pertinent to recall that Section 269ST of the Income Tex Act, was introduced to curb black money by digitalising the transactions above Rs. 2 lacs and contemplating equal amount of penalty under Section 271DA of the Act.
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