Sec 269ss & t

This query is : Resolved

Akash Gupta (Querist)
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19 September 2014 Background:
The assessee is engaged in Transportation Business. During the year assessee acquired four trucks out of which three trucks were financed by a private finance co. (Krishna Motor Finance Pvt. Ltd.) and one truck was financed by ICICI Bank.
The assessee paid all the installments for these trucks during the year in CASH (i.e. otherwise than account payee cheque)

Issue:
Whether Sec. 269T is applicable in both the case (i.e. Krishna Motor and ICICI Bank Ltd.)
Please advice.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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19 September 2014 yes sec 269T shall be applicable in this case........

Akash Gupta

Akash Gupta (Querist)
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21 September 2014 Sir
Would it also be applicable in case of ICICI Bank Ltd., because in 269 T it is mentioned that this section won't attract on cash payment to those concerns to which Banking Regulation Act applies.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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22 September 2014 yes still it is applicable as its exempted for banking co and not applicable to others so u need to take and repay loan only via other then cash

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