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Penalty U/s 269ss of Income Tax Act 1961, Income Tax |
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Penalty U/s 269ss of Income Tax Act 1961 |
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A Co-operative credit society disburse a loan of Rs.1,00,000/- to his member by cheque. The same member of society who has taken loan from society was partly repay the loan to the society for Rs.50,000/- in cash. The society has accept the amount in cash. Is the society has made contravention of Section 269SS of IT Act ? As per my information contravention u/s 269SS is made only when amount of deposit or loan accepted in cash & not at the time of acceptance of repayment of loan. Please guide me. Posts / Replies Showing Replies 1 to 1 of 1 Records Page: 1
However Section 269T deals with the Repayment of loans and deposits. Page: 1 Old Query - New Comments are closed. |
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