pls someone tell me ,if no loan is taken and accepted but only interest transaction is shown in ledger this time,then 269SS is attracted?
even in the p.y 269SS was attracted on the above party.
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269ss
Replies (2)
Hi,
First clarify why the interest is shown in ledger when the loan is nto accepted or taken. If it is as per the loan terms, then fine.
Section 269ss is attracted on the acceptance of any loan or deposit.
There is no specific defination whether loan includes interest also. Going on the general definition the interest is also payable and if the interest is not paid further interest is calculated on the unpaid interest also. Hence the interest is also considered as loan. hence the 269 ss in atttracted.
Thank u mr Basavaraj
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