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Repayment of loan through book adjustment
please explain the applicability of 269SS and 269T in case of repayment of loan through book adjustment .
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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 ...
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