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269ss

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(Querist)
16 September 2013 if Mr.A accept unsecured loan Rs.12,000 from Mr.X in F.Y. 2011-12, which is o/s till 31/03/2012.

in next yr i.e. FY 2012-13 Mr. A accept Rs. 9,000 from Mr.X (same person)on 01/05/2012.

Now as per my view provision of section 269SS clause (b) gets attracted in this case. Accordingly Rs. 9,000 shall also be taken by a/c payee cheque/draft, because total amount exceeds Rs. 20,000 (12000+9000 = 21,000)

Is my view is correct??
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Prakash Kochar

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Prakash Kochar (Expert)
19 September 2013 Yes, see sect. 269SS(c)
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