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 ?
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