Menu
Repayment of loan through book adjustment
please explain the applicability of 269SS and 269T in case of repayment of loan through book adjustment .
Replies (4)
Accepting/ repaying loans/ advances via journal entries contravenes Section 269SS & 269T but Penalty cannot be levied under section 271D and Section 271E of the Income Tax Act,1961 if transactions are bona fide & genuine. .... Lodha Builders Pvt Ltd Vs ACIT (ITAT Mumbai)
Also refer: https://www.caclubindia.com/forum/details.asp?mod_id=13170
in my opinion, 269T will not apply in case of book adjustments
thank you sir
Most Welcome, Dear ...
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
