269SS

This query is : Resolved

Aijaz Shaikh (Querist)
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18 May 2009 An assessee has taken a loan of Rs.25000/ in cash. He has violated the provision of 269SS.

Whether the auditor has to add such amount to his income or such addition is not necessary.

What are the consequences of violation of 269SS.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 May 2009 Auditor is not supposed to add the said amount to the income.
Penalty u/s 271D may attract. Penalty amount is a sum equal to the amount of loan or deposit taken or accepted.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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18 May 2009 Auditor has no power to allow or disallow anything. He can only report these things in hid report. The allowability or disallowabilty is with the Income tax department. On consequences part, I agree with Warrier Sir.

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