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