If someone took loan of Rs 1 Lakh and also repaid it in cash in 2011.
Can he still pe penalised under section 269SS and 269T.
What is the timelimit for 269SS and 269T?
2 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 27 November 2013
yes he will be penalised as he has violated the provisions of sec 269SS & T.
What do you mean time limit for 269SS&T. the disallowability is applicable in the year in which the loan is taken in cash or repaid in cash in excess of 20000
498akadushman
(Software Engineer)
(92 Points)
Replied 27 November 2013
There are timelimits for Income tax return scrutinty w.r.t issue of notice under 143(3) and 147.
Will they not be applicable in case of 269SS and 269T also?
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