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Querist : Anonymous

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Querist : Anonymous (Querist)
18 November 2011 Suppose one person takes loan of Rs. 10,000 from other in cash and repay it after 2 months and again takes loan of 15,000 and again repay it with in one or two months. In an all he took more than 20,000 and repay the same in one financial year. so my query is whether their is breach of these two section or not ?
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CA Navin Jain

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CA Navin Jain (Expert)
18 November 2011 yes, breach the conditions of the section.
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