penalty 269 SS
This query is : Resolved
21 November 2008
A has to make payment to B, it asked C to make payment to B on behalf of A. Now C paid 500,000/-to B on behalf of A and in the books debited to A as loan also A passed corresponding entry in his books showing loan taken from C. Now ITO wish to impose penalty u/s. 269SS as loan was not taken by account payee cheque. Pl suggest arguments along with case law with citation.
Regards
Regards
24 November 2008
Please clariy that C has paid Rs.500,000 in cash or by cheque.
26 November 2008
C has paid the amount through cheque to B and debited to A as loan. Thanks Sanjeev Jain 9811274429
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