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Loan paid to director in lakhs

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 October 2014 Sir,
one company director is getting loan in kind of cash loan Rs.1.00 lakh (Interest free) in single day. is this allowed in Income Tax act
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
27 October 2014 barred under section 269SS of Income-tax Act.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
16 December 2014 no, then penalty of equivalent amount shal be imposed u/s 269SS
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