269t- part repayment in cash
This query is : Resolved
11 August 2011
Dear Sir,
I have taken a loan from my friend 30,000 by account payee Cheque/draft. I have repaid the loan as follows
15,000 in cash(Not on sunday/ Exceptional reasons)
15,000 by account payee cheque
Whether penalty under section 271E or any other penalty/fine will attracted for the above transaction?
I have taken a loan from my friend 30,000 by account payee Cheque/draft. I have repaid the loan as follows
15,000 in cash(Not on sunday/ Exceptional reasons)
15,000 by account payee cheque
Whether penalty under section 271E or any other penalty/fine will attracted for the above transaction?
CA Ashwani Agarwal
(Expert)
11 August 2011
Yes it can be attracted.
As in any account in which the balance in any day of the year exceeds 20000, all the transactions in such account has to be done by an account payee cheque or a DD.
As in any account in which the balance in any day of the year exceeds 20000, all the transactions in such account has to be done by an account payee cheque or a DD.
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11 August 2011
Very logical answer given by Ashwani Ji. But opinion may differ for want of clarifications.
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