#money lending

The ITAT Agra ruled that cash deposits made during demonetization in AY 2017-18 cannot be taxed at the 60% enhanced rate under Section 115BBE, as the provision came into force only from AY 2018-19. This protects taxpayers with unexplained cash from retrospective application of punitive rates, clarifying the temporal scope of the law for millions affected by demonetization.

Chhattisgarh High Court rules that a licensed money lender’s documentary proof of lawful transactions and legitimate debt recovery negates automatic denial of anticipatory bail, even in cases of exorbitant interest allegations. The ruling sets a precedent that financial disputes alone do not constitute grounds for arrest under the Chhattisgarh Sahukari Act.