Dear All,
Please advise
In our accounts we passed a journal entry to the extent of Rs.25,00,000/- . for transfer of loan amount from one director account to another director account as per their instructions.
Is it voilation of Sec.269 SS.
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269SS
Replies (1)
In Sunflower Builder (P) Ltd vs CIT (1997) 61 ITD 227 (Pune Trib) it was held that acknowledgment of debt by contra entry does not violate section 269SS , because there is no loan or deposit of money.As per above ruling my view is that it should not attract 269 ss.
But as per Section 269 SS only mode of receiving is account payee cheque or bank draft.
Regards,
Ramesh Kr Verma
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