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Unsecured loans from directors

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(Querist)
27 December 2008 Dear sirs,

A private limited company has accepted loan from a director exceeding the limit specified in Section 269SSS in cash and by account payee cheques. The repayment of the was also exceeding the limit specified in Sec 269T . Is cash accepted as loan and repaid in cash detrimental to the company? To what extent ? What can be the consequence of the transaction?


Regards,
Priya
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
27 December 2008 Penalty u/s 271D and 271E attracts. However penalty will be waived u/s 273B if reasonable cause for the failure is proved.
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