I have taken a loan from my friend 30,000 by account payee Cheque/draft. I have repaid the loan as follows 15,000 in cash(Not on sunday/ Exceptional reasons) 15,000 by account payee cheque
Whether penalty under section 271E or any other penalty/fine will attracted for the above transaction?
As in any account in which the balance in any day of the year exceeds 20000, all the transactions in such account has to be done by an account payee cheque or a DD.
CAclubindia
