Penalty for violeting S.269SS of ITA,1961

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Hiten (Querist)
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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?

Plz solve as far as possible...

sanjeev

sanjeev (Expert)
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11 January 2010 Dear,

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.

With Regards
Sanjeev

Hiten

Hiten (Querist)
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13 January 2010 Thanks a lot.

Hiten

Hiten (Querist)
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13 January 2010 Thanks a lot.

Hiten

Hiten (Querist)
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13 January 2010 Thanks a lot.

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