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Section 269ss

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(Querist)
20 August 2012 Suppose, A accept loan from B of Rs 19000 by cash on 07/01/2012, and repay 5000 by cash on 28/01/2012. On 12/02/2012, he accept Rs 8000 by account payee cheque from B on 26/02/2012, then provision of section 269SS will attract?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
20 August 2012 At the time of accepting the second loan the outstanding balance is Rs. 14,000.

If he accepts the loan of Rs. 8,000 the total loan amount will exceed Rs. 20,000.

So, if he accepts the loan of Rs. 8,000 in cash Section 269SS will be attracted.
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
20 August 2012 The provisions are not applicable since Rs. 8000 is accepted other than by cash
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