Sec.269ss and Sec.269

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.