Section 269 T

269 T is applicable to repayment of Loan...

Yes 269T is applicable

Deepak Sir,

269T will not be applicable to the above case in my opinion as this section is applicable to repayments of loans...

Further clarification of your answer from your side will be appreciated

 

yeah agree wid deepak nd fatema.........269T is applicable only in case of repayment of loans/deposits exceeding Rs 20000.

sorry deepak said it is applicable..........so i agree wid Fatema only.........269T wont b applicable

In the given case the partner retired on 30.03.2011 and he got his share on 24.04.11. It means the amount is converted into loan as on 31.03.2011 through passinmg of book entry, as the same has not been paid as on that date. On 24.04.11, the loan amount has been repaid, the firm should have been paid through cheque.

In my opinion, if cash has been paid exceeeding 20,000.00, it will be covered under section 269T.

ok entry, its just an adjustment for retiring partner......Morever their is need to know intention of law which prohibits repayment of actual loan in excess said limit. light may also be thrown to the fact that deposit accepted or repaid in normal course of business are not covered by said section.such as deposits/advances from client and thier subsequent payment.....Though correct me if i m wrong sir.with due respect to Rashi goyal,i m afraid i dont agree wid ur contentions.Character of amount which actually is a capital cannot be changed to loan merely by a book entry, its just an adjustment for retiring partner......Morever their is need to know intention of law which prohibits repayment of actual loan in excess said limit. light may also be thrown to the fact that deposit accepted or repaid in normal course of business are not covered by said section.such as deposits/advances from client and thier subsequent payment.....Though correct me if i m wrong sir.

en actualy accepted in nature of loan). light may also be thrown to the fact that deposit accepted or repaid in normal course of business are not covered by said section.such as deposits/advances from client and thier subsequent payment.....Though correct me if i m wrong sir.with due respect to Rashi goyal,i m afraid i dont agree wid ur contentions.Character of amount which actually is a capital cannot be changed to loan merely by a book entry, its just an adjustment for retiring partner......Morever their is need to know intention of law which prohibits repayment of actual loan in excess said limit(which has been actualy accepted in nature of loan). light may also be thrown to the fact that deposit accepted or repaid in normal course of business are not covered by said section.such as deposits/advances from client and thier subsequent payment.....Though correct me if i m wrong sir.

if nyone is reading above post it starts from ...."with due respect...........dont know why my post are not being posted properply.....some problem in my pc guess so.sorry for inconvenience.