Tax Audit
This query is : Resolved
AMITA SAINI
(Querist)
09 August 2010
whether interest credited on loan will attract section 269SS???????????
09 August 2010
NO, SECTION 269SS WILL NOT BE ATTRACTED TO INTERST CREDITED TO LOAN A/C . BECASUE IT IS JOURNAL ENTRY
SEE THE CASE LAW FOR IT
Acceptance or repayment through Journal entry donot attract section 269SS or 269T: Acceptence or repayment through Journal Entry would not come within the ambit of the words ‘loans or deposits’-section 269SS applies only where money passes from one person to another by way of ‘loan or deposit’[CIT v. Noida Toll Bridge Co. Ltd. 262 ITR 260 (Del.)]
SEE THE CASE LAW FOR IT
Acceptance or repayment through Journal entry donot attract section 269SS or 269T: Acceptence or repayment through Journal Entry would not come within the ambit of the words ‘loans or deposits’-section 269SS applies only where money passes from one person to another by way of ‘loan or deposit’[CIT v. Noida Toll Bridge Co. Ltd. 262 ITR 260 (Del.)]
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