27 September 2013
Dear All I have a query regarding the above section
One of my clients has NBFC companies and he give loans & advances to various corporate firm and individual and not taken any loan for financial year 2011-12 & 2012-13
I want to know whether 269SS & 269T is applicable in the case loans & advances given to various party if the specified limit exceed?
Please mail me your suggestion at earliest possiblle
29 September 2013
Since 269SS relate to taking loan, it shall not apply to the NBFC in question as it has not taken any loan during the period under consideration.
However, whether 269T will apply or not shall depend whether it has repaid any loan during this period?
CAclubindia
