11 January 2010
If a loan is accepted or repaid otherwise than by account payee cheque (i.e. shown by passing journal voucher, who can impose such penalty?, can assessee do anything to escape from the levy of penalty U/s. 269SS? HOW?
You can't escape from this if violation of Section 269 SS is no genuine reason is there to justify such payment other than by an account payee cheque or Draft.
In this case auditors would give the qulalified opinion and AO would levy the penalty.
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