Provision of sec 269ss & 269t
This query is : Resolved
20 February 2013
The following transactions took place between A& B:
A made some cash expenses on behalf of B (e.g. Rs.100000/-). Now B treats it as a loan received from A and repays the amount on a later date through an account payee cheque. Is there any violation of Sec 269SS & 269T?
A made some cash expenses on behalf of B (e.g. Rs.100000/-). Now B treats it as a loan received from A and repays the amount on a later date through an account payee cheque. Is there any violation of Sec 269SS & 269T?
22 February 2013
Yes, B cannot treat this as loan which will attract 269SS. Advisable to treat the same as liability.
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