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Section 269ss

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(Querist)
22 July 2013 If the loan is repaid by the third party on behalf of the assessee directly to the creditor and the same amount stands under the head of loans in the balance sheet of the assessee. Whether it violated the provision of sec. 269SS attracting the penalty u/s. 271D of the I.T. Act?
Please also provide case laws in these reference.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
22 July 2013 if the assessee himself pays rs 20,000 or more in cash for loan then only sec 269SS or 269T is attracted.

in the given case above it is not attracted though u need to adjust a/c accordingly..
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Dishank Shah

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Dishank Shah (Querist)
22 July 2013 Thanks alot
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