Consequences of unsecured loan written back

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MAYUR (Querist)
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21 September 2016 Dear Sir,

What are the consequences as per income tax & companies act if my company written back unsecured loan ?

CA Aneesh Jain (Expert)
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22 September 2016 Writing of unsecured loan shall tantamount to contravention of section 269T and therefore shall be liable for penalty.

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