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Repayment of loan in cash

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(Querist)
08 August 2013 Can an assessee who is liable for audit repay the loan amount in cash which was earlier taken by cheque.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
09 August 2013 Repayment of loan in cash will attract Section 269T if the amount of repayment exceeds Rs. 20,000/-.
Penalty equal to the amount of repayment will be levied.

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