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sec 269ss

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(Querist)
06 September 2010 Whether Salary payable to party converted into unsecured loan will come within sec 269ss???????????
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
06 September 2010 Though the same may be reported in tax audit report as it is received by other than an account payee cheque the same may not be disallowed.
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mohinder kansal

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mohinder kansal (Expert)
06 September 2010 if contravention of section 269SS or 269T is made, the amount in question is not added to the income of the assessee, panalty equal to the loan taken or repaid can be imposed
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