Mr. X Took a loan of Rs.50000/- by account payee cheque. Mr. Y in repayment of the same, Booked his flight of Rs.25000/- from his own account and adjusted the same against the outstanding loan.
1. Any violation of 269 T
2. Any reporting required under Audit Report ?
269 t violation ?
Replies (1)
I think Yes & Yes
Reporting Under Clause 31 (b) Particulars of each repayment of loan or deposit in an amount exceeding the limit specified in section 269T made during the previous year
(iv) whether the repayment was made otherwise than by account payee cheque or account payee bank draft.
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