269ss&t
This query is : Resolved
01 January 2014
Sir/Madam,
A company has accepted loan from directors amounts to Rs.500000 through account payee cheque. Company has issued shares against the loan amount to Rs.490000. After one month company has given loan to that director amounts Rs. 200000 through cash cheque. Whether there is any violation of Section 269?
Thanking You.
A company has accepted loan from directors amounts to Rs.500000 through account payee cheque. Company has issued shares against the loan amount to Rs.490000. After one month company has given loan to that director amounts Rs. 200000 through cash cheque. Whether there is any violation of Section 269?
Thanking You.
01 January 2014
no,
as sec 269SS is attracted if loan given in cash.
as sec 269SS is attracted if loan given in cash.
01 January 2014
But 269 SS is attracted only when a loan is accepted otherwise than account payee cheque of draft..
01 January 2014
so dats y told u in cash it applies....
01 January 2014
in ur case its not in cash therefore not applicable.
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