24 March 2009
The balance of an unsecured loan as on 1st April 07 was Rs. 2,00,000/-. An additional loan of Rs. 10,000/- was taken on 1st June 07 in CASH. A sum of Rs. 10,000/- was repaid on 30th September 07 in CASH.
Am I liable to pay penalty u/s 271D and 271E of the I. T. Act?
If yes, what would be the amount of penalty imposable?
What if the amount (Rs. 10,000/-) is shown as a temporary advance?
CAclubindia
