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U/s 269ss

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(Querist)
17 June 2010 Dear Sir,
Whether Loan made to Director of a company in excess of Rs. 20000 will attract section 269SS?
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
17 June 2010 the provisions of this section shall not apply to any loan or deposit taken or accepted from, or any loan or deposit taken or accepted by, -

(a) Government;

(b) Any banking company, post office savings bank or co-operative bank;

(c) Any corporation established by a Central, State or Provincial Act;

(d) Any Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956);

(e) Such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette :

So in your case it will not apply
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