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Sec.269ss and Sec.269

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harshit

acc

31 Points Posted on 07 April 2020

I HAVE QUERY ABOUT SEC.269 THAT - I Mr.A takes loan from Mr.B of 19000 in cash in F.y2018-19 , can Mr.A can take loan of 19000 in cash again in F.y.2019-20 ?? and is both above transaction happen then how much penalty can be charged and who is liable for payment of penalty??

Replies (3)

Quick Summary

This discussion clarifies the rules surrounding Section 269SS of the Income Tax Act regarding cash loans. It addresses whether taking a cash loan of £19,000 in one financial year and another of the same amount in a subsequent year is permissible. The consensus is that as these transactions occur in different financial/assessment years, they do not violate Section 269SS, and therefore, no penalties would apply under this section.

harshit

acc

31 Points Posted on 07 April 2020

meaning of word "aggregate" in Act means per person per year or per person in different year ?

Mandakulathur Ananthanarayanan

114 Points Posted on 07 April 2020

Section 269ss works on assessment year basis. Therefore, the above transaction would not be subject to sec 269ss since it happens in 2 different Asst years.