Sec 269ss and sec 269t applicable journal entries

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Kollipara Sundaraiah (Querist)
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24 July 2021 Sir,
It assess cash loan creditor and debtor outstanding ledger balance as on dt:31-03-21 (in f.y.20-21)in books
Cash loan from creditor (name Mr.A)Rs:3 lacs
Cash loan to debtor (name Mr.B)Rs:4 lacs.
1.Cash loan from creditor ledger outstanding balance amount transferred to cash loan to debtor account balance adjustment journal entries passed in books f.y.21-22
2.remaing cash loan to debtor balance rs:1 lacs cash received.
Question:
1.journal entry passed in books allowed in it act and sec 269ss and sec 269t provision applicable.
2.remaing balance cash received allowed

CMA Poornima Madhava

CMA Poornima Madhava (Expert)
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24 July 2021 No violation of 269SS and 269T on book adjustment (journal) entries.
The remaining cash receipt is also not a violation for the lender.
But acceptance and repayment of loan in cash >=20k is violation for the borrower.

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Sec 269ss and sec 269t applicable journal entries

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