Section 269ss

This query is : Resolved

CA. Hipex Jain (Querist)
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23 August 2011 In FY 2009-10 I had accepted a loan of Rs. 1,20,000 through banking channel. During FY 2010-11 further i have accepted loan of Rs. 15,000 in cash.

Is there any violation of Section 269SS.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 August 2011 No violation per se.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 August 2011 Loan through banking channels

MEANS LOAN ACCEPTED BY AN ACCOUNT PAYEE CHEQUE OR DD FROM MR. RAY.

If from the same Mr Ray you take cash loan of15000/ then it is violation of Section 269SS since the loan has already exceeded the limit of20000.

It is violation of section 269SS.

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