25 August 2016
in AY 2013-14 one of my client accepted loan of Rs.11 Lakhs through bank to bank online transfer but the contention of AO is that u should accept loans through A/C PAYEE CHEQUE OR DD. He said that the amendment in section 269 SS came in June 2015 in which u can accept loan through bank to bank online transfer. In this scenario what should be our contention.
If you have given loan from bank account it's does not voilate any provison practically. First try to convince your AO as bank to bank transfer is also correct.
If he denies then go for appeal as u will surely win it
CAclubindia
