30 August 2017
If Mr.A buy a car in his name and payment made through bank account of Mr. B, amounting Rs. 600000/-, Now as on 31/03/2017, Account of Mr. B is shown under Loans(Liability) in the books of Mr.A. Is it violation of Sec. 269ss ? bcz sec. 269ss says that no person shall take or accept from any person, any loan otherwise than by an account payee cheque or bank draft or use of electronic clearing system through a bank account.
30 August 2017
JV as is called under book keeping......i.e. to say book entry.....269SS is not applicable. At the most tax auditor may report the same in his audit report, if s/he thinks so.
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