Dear Experts,
One of my client being an individual covered under Tax Audit for F.Y.2013-14. During the year under audit he has accepted in cash on different dates as deposits or unsecured loans from Family Members which is less than Rs 20000/- for each day.
Similarly also he has paid in cash on different dates against repayment of such unsecured Loans or Deposits to family members which is also less than Rs 20000/- on each day during the same year.However the total amount accepted or repaid during the year under audit in cash which is exceeding Rs.20000/-
Now query is whether provisions of section 269SS or T is invoked or not for purposes of reporting in TAR.
If reported then penal provision will be also invoked.
Please reply/suggest properly
CAclubindia
