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2018 (1) TMI 120 - HC - Indian LawsCheque bounce - enforceable debt or not - Cash Loan - Contravention of Section 269SS of the IT Act - complaint under Section 138 of the Negotiable Instrument Act - Held that: - Section 269-SS only provides for the mode of acceptance payment or repayment in certain cases so as to counteract evasion of tax. However, Section 269-SS does not declare all transactions of loan by cash in excess of ₹ 20,000/- as invalid, illegal or null and void as the main object of introducing the provision was to curb and unearth black money - the order of acquittal as passed, cannot withstand judicial scrutiny and deserves to be set aside.
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