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Company has taken cash loan from another company rs.5,00,000

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28 December 2013 Hi all, One company has taken cash loan from another company Rs.5,00,00. Is it permissible under section 269S? If not permissible what is the accounting or incometax effect on the same ? Why it is not permissible ?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
28 December 2013 Section 269SS of the Income Tax Act prohibits accepting loan in cash exceeding Rs. 20,000/-

Penalty for contravention of the above mentioned provisions is equal to the amount of loan.

The restriction has been imposed to restrict use of black money.
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