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.
Menu
Sec 269ss of income tax act
Replies (1)
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
Recent Topics :
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
- Sell of CAFC books
- ITC ON RENT
- GSTR-9 Table 8A Portal and Excel Issues
- IGST on Commercial Rental Income (Different State)
- Revocation of suo moto cancelled GST registration
- Is there any faculty taking chapterwise test in CA
- Late Fees and Interest
Related Topics :
CAclubindia
