Section 269ss

This query is : Resolved

Gopi Bharatkumar Tanna (Querist)
Follow

03 September 2019 Mr. X is a Partner in XY & Co.

A fixed asset worth Rs. 80,000/- is purchased, whose payment is done in the following manner :
1. Mr. X paid Rs. 20,000/- via his Debit Card &
2. Balance Rs. 60,000/- was paid via Debit Card of Mr. X's Relative (Say 'Mr. Z', who is not a partner in XY & Co.)

So Mr. Z loaned Rs. 60,000/- to XY & Co. but funds were directly paid to the seller of fixed asset using Mr. Z's Debit Card. The loan of Rs. 60,000/- is shown in books by passing a Journal Entry.

Later the firm XY & Co. has also repaid Rs. 60,000/- via Account Payee Cheque to Mr. Z

QUERY :
Are the provisions of Section 269SS violated while taking loan of Rs. 60,000/- from Mr. Z ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

03 September 2019 Not violated as payment and repayment are through banking channel.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

MAYANK

CA.Pinank Arvindbhai Shah

prakash takane

Vijay Singh

ashok jain

Subscribe Now

Section 269ss

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

GST CONSULTANCY

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT