The assessee has paid an installment of rs. 54000 to a non banking finance company in cash. He has violated sec 269T , but as per sec 269st, NBFCs can accept less than 2 lakhs from a person in a day (as per circular no. 22 dated 3-7-17).
Aren't these sections contrary to each other. Is there a way to prevent penalty ?
1 Replies
rama krishnan
(12239 Points)
Replied 26 October 2018
nowhere in that circular there's mention about nbfc
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