269ss & 269t

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CA JAYESH RELKAR (Querist)
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17 September 2013 1) If Mr. A accept first loan from Mr. X on 01/04/2012 Rs.19,000 in cash and make payment in Cash on 01/05/2012. Mr. A accept second loan from Mr. X on 01/01/2013 in cash and repay on 31/01/2013 in Cash. does section 269SS attracts in this case?

2) if in above case Mr. accept second loan on 02/04/2012 and other details remains same, then section 269SS attracts???

Ganeshbabu K

Ganeshbabu K (Expert)
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17 September 2013 1)Yes, applicable under section 269SS

Reference : in icai guidence note on tax audit clearly specifies,,

2)Disallowed,,Refer para 51.1 condition (b)

yes,,words used was "loan taken or aggreagate amount of such loan"which will disallows

Refer guidence note on tax audit for detailed guidence

CA JAYESH RELKAR

CA JAYESH RELKAR (Querist)
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17 September 2013 51.5 If the total of all loans/deposits from a person exceed Rs.20,000/- but
each individual item is less than Rs.20,000/-, the information will still be
required to be given in respect of all such entries "STARTING FROM THE ENTRY WHEN BALANCE REACHES RS. 20,000/- OR MORE" and until the balance goes down below Rs.20,000/.

But my question is that if Mr.A accepts from Mr.X on 01/04/2012 Rs. 19,000 and repaid in cash on 02/04/2012. On 03/04/2012 Mr. A accepts from Mr.X another Rs.20,000 on 03/04/2012 and repaid on 04/04/2012. In this case o/s balance doesnt exceed Rs. 20,000 then as per abovesaid provision it should not be disclosed. What say? Is my view is correct?

CA JAYESH RELKAR

CA JAYESH RELKAR (Querist)
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17 September 2013 in my latest question please make amendment in the query... Please assume Mr. A accepts loan on 03/04/2012 for Rs. 19,000. rest question is same

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