269ss & 269t

dear chirag

from your quarry it was not cleared that transaction made in cash or in cheque.

if transaction made in cash there is 100% panelty under section 269SS & 269T of the income tax act

even though transaction made in any mode, you should report in 3CD as loan taken and squred up during the year

i.e. loan from fr Rs.150000/-

Squred up Rs.75000/-

blance O/S Rs.75000/-

in another case should report in same way

hope this will help you

CA Shriniwas Khadloya

wt is the effect of loan received in cash 150000 by 4to5 part payments

aggregate amount taken or accepted more than Rs.20000 in cash during the year

than penality U/S  271D & U/S 271E  leived under income tax act.

CA shriniwas Khadloya

hw much is the panalty

dear depak

Panelty was 100% of the amount taken or accepted

CA Shriniwas Khadloya