Mr. A purchased a property in 2009. Payment was made by DD. However DD was procured from bank account of Mr. B (A's cousin) in favour of the vendor and A recorded this transaction as loan from B. Does it amount to contravention of sec 269SS in the year 2009. Please give your opinion.
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Sec 269ss of income tax act
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In my openion It will be trated as violation of section 269SS
1. as DD was drawn from bank account of B
2. Amount was recorded as loan passing journal entry in the books of Mr. A will be trated as book entry transaction
3. if book entry is bonafied violation will no result in penalty under section 271D and Section 271E
4. for section 269SS and 269T reporting is based on “Accepting / repayment of loans other than account payee cheques / draft”.
Please find out case laws relating to section
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