CAclubindia Forum : Sec 269 T

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By : Shashi Kumar C.G.
Final
[ Scorecard : 47]

ON : 5/12/2008 10:38:01 AM

Sir,

is there any provision in this sec. that repayment has to be made only to the person from whom we received loan even not to include their heirs/succossors?

Is there any notification or case law supporting this rule?

please reply. its urgent

Thanks in advance

By : Gaurav Guglani
Service
[ Scorecard : 36]

ON : 5/14/2008 8:55:18 PM

I have a further query on Section 269 T, in case of outstanding loan if the company allot equity shares at premium and wants to treat the outstanding loan as Share Application Money, will the same amount to repayment of loan u/s 269 T & attract penalty?

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