'Apply a limit of two lakhs to cash transactions', strict command of SC - set a limit of Rs 2 lakh on cash transactions Supreme Court story on the center to center

Justice JB Pardiwala and Justice R. Mahadevan’s bank heard a petition related to the ownership of one property, claiming that Rs 75 Lakh Cash was given as prepayment on April 10, 2018. The Supreme Court said that the case not only raises doubts about the transaction, but also reflects the violation of the law. Pti, New -Delhi. The Supreme Court issued instructions on Wednesday to implement a limit of Rs 2 lakh on cash transactions, saying that if there is a law, it must be implemented. The court expressed concern about the unsatisfactory implementation of the returns of the Financial Act 2017 in which the limit of cash transactions was limited to Rs 2 Lakh. While issuing various instructions in this regard, the Rart said that when such a lawsuit comes before the courts in any area, they must inform the income tax department about the jurisdiction, so that the department can take the right steps by following the appropriate legal process. Cash transactions of two lakh calls or more were introduced in 2017, it is noteworthy that from April 1, 2017, the government prohibited cash transactions of two lakh calls or more by the Finance Act 2017. 2018 was given as prepayment. The Supreme Court said that the case not only raises doubts about the transaction, but also reflects the violation of the law. The Supreme Court kept in mind that the Supreme Court was directed that a case was being filed in which two lakh calls or more were paid for a cash transaction, the courts must report it to the income tax division to confirm the violation of section 269th of the transactions and section 269th of the Income Tax Act. Every latest news and accurate information from the country and the world, every moment on your phone! Download now- Jagran app