Unsecured loans from directors
This query is : Resolved
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
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
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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