penalty 269 SS
This query is : Resolved
CA Sanjeev Kr Jain
(Querist)
21 November 2008
A has to make payment to B, it asked C to make payment to B on behalf of A. Now C paid 500,000/-to B on behalf of A and in the books debited to A as loan also A passed corresponding entry in his books showing loan taken from C. Now ITO wish to impose penalty u/s. 269SS as loan was not taken by account payee cheque. Pl suggest arguments along with case law with citation.
Regards
Regards
CA Tilak Raj Sharma
(Expert)
24 November 2008
Please clariy that C has paid Rs.500,000 in cash or by cheque.
CA Sanjeev Kr Jain
(Querist)
26 November 2008
C has paid the amount through cheque to B and debited to A as loan. Thanks Sanjeev Jain 9811274429
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