Section 269ss (cash loan)

This query is : Resolved

sunny b (Querist)
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25 January 2013 Section 269SS says that loan or deposit of Rs.20,000 or more should be accepted only by account payee cheque.
My query is, if i accept 15,000 cash loan and after few days again I accept a cash loan of Rs.10,000 from the same person, will it be OK or this will be disallowed.
Please help me out

Thank You.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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25 January 2013 Accept loan of 10000 from another person in his family.
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Section 269SS does not make any allowance or diallowance as it is not the matter of expense.
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Section 269SS Strikes Straight.
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Penalty up to the amount accepted in cash can be levied.
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