Applicability of section 269ss
This query is : Resolved
NAVNEET KUMAR JAIN
(Querist)
24 January 2013
Dear All
Please clarify payment of loan to third party by account payee cheque on borrower request is valid compliance of section 269 ss I will will appreciate if someone can refer some case law on the matter
Please clarify payment of loan to third party by account payee cheque on borrower request is valid compliance of section 269 ss I will will appreciate if someone can refer some case law on the matter
CA PARAS BAFNA
(Expert)
25 January 2013
In this case the amount has been transferred by account payee cheque from the lender to the recipient.
.
The recipient credits account of the borrower in spite of crediting the sum to the lender through book entry.
.
Similarly the lender is also debiting to the Borrower only- this again is a book entry.
.
There is no violation of Section 269SS and 269 T.
.
Please go through the article-
https://taxworry.com/is-transfer-of-loan-or-deposit-by-book-entreis-liable-to-penalty-us-269ss-or-269t/#axzz2Ixctf9nB
.
The recipient credits account of the borrower in spite of crediting the sum to the lender through book entry.
.
Similarly the lender is also debiting to the Borrower only- this again is a book entry.
.
There is no violation of Section 269SS and 269 T.
.
Please go through the article-
https://taxworry.com/is-transfer-of-loan-or-deposit-by-book-entreis-liable-to-penalty-us-269ss-or-269t/#axzz2Ixctf9nB
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