44 ab acceptance of loan / deposit or repayment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2013 U/S 269SS & T methods to accept loans / deposits or for repayment only a/c payee cheques or a/c payee bank drafts are allowed. What if assessee takes or repays loans or deposits by RTGS or NEFT ?

WHAT to report in Form 3cd.

under 40A(3) SETTLEMENT through banking channels allowed but not in case of 269SS &T.

HELP ME TO REPORT IN FORM 3CD AS THERE is no provision to mention deviation?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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03 September 2013 It uses the words other then a/c payee cheque or a/c payee draft,RTGS or NEFT is not covered and hence it will attract penalty u/s269SS & 269T resp.

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