24 December 2014
Hi all... My query is if person (A) who is liable to tax audit do not have sufficient fund to pay off his loan, then some other person (B) on his behalf make payment of loan by cress cheque thereafter A make repayment to B when funds are available, will it be violation of sec 269T (repayment of loan other than by way of cross cheque)??? if no then specify the provision or case law if any??????
26 December 2014
But if we go with the wordings of the sec then it is a violation... now i want the provision or a case law which says that it is not violation.. so pls give me the provision or case law so that we can say it is proper & safe....
26 December 2014
Only cash payment is violation if payments are made through crossed cheque it is not at all a violation. Both the sections are intended to curb cash payments.