Sec.269ss and Sec.269

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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)

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

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.
@ Mr Harshit.,

As per Your query.,
The section not applicable for the transaction. Bcoz, both transactions in different FY.


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