Sec 269t and sec 271e
This query is : Open
16 August 2017
Mr. A accepted a loan from Mr. B of Rs. 2.00 lakhs in the Apr 2016 and in the month of Jan 2017 Mr. B asked him to pay his LIC dues. Can Mr. A pay them. Whether provision of Sec 269T applicable and result in penalty u/s 271E? Receipts and Payment are through Account Payee Cheque.
CA Suresh Jain
(Expert)
17 August 2017
Strictly speaking, the provisions of 269T is applicable because the section used the term "otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit"
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