Query for Sec 269SS
This query is : Resolved
25 January 2009
How can a party be penalized u/s 269SS.for ex if i borrow rs 100000 during 2003-04 F.Y and deposit it in my bank a/c and i utilize it only during the F.Y 2004-05.will the amount be attached u/s sec 269SS during the F.Y 2003-04 or F.Y 2004-05
25 January 2009
Amount taken/accepted is in the year 2003-04. So if at all to be penalized u/s 271D it should necessarily be in the year 2003-04.
CA.Tarun Maheshwari
(Expert)
25 January 2009
As Mr.Warrier correctly said, it can be disallowed in 2003-04 only.
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