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Acceptance of loan in cash

This query is : Resolved 
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(Querist)
28 July 2018 WHAT IF A COMPANY NOT LIABLE FOR TAX AUDIT ACCEPT LOAN FROM DIRECTORS IN CASH?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
29 July 2018 Loans or Deposits under Sec 269SS of Income Tax Act, 1961
No person shall accept any loan or deposit in a single day from another person in any form other than account payee cheque or bank draft, if aggregate amount involved is more than Rs 20,000.
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ASHISH ANEJA

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ASHISH ANEJA (Querist)
20 August 2018 sir my ques is what if accepted,
as director has deposited cash in bank account of company.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 August 2018 Equal amount of penalty will be levied u/s 269ST.
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