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269 t of it act

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(Querist)
21 September 2015 Is loan taken from A set off against the goods sold to A (from whom loan was taken) is contravention of sec 269T if loan amt outstanding was exceeding Rs. 20000/- That is cancelling of loan by way of entry as Loan from A to Debtor A
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Amol S Joglekar

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Amol S Joglekar (Expert)
21 September 2015 It is NOT the contravention. You can do so. Report this transaction in tax audit report, if you are liable for the tax audit.
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