31 December 2009
Dear you had to pay your loan by A/c payee checque or DD only u/s 269t. coz u hv already paid an amount of Rs. 9 lakh, as per IT rules u will be liable for 100% penalty of cash payment at the time of Assessment.
04 January 2010
Further I let me know if we have taken secured loan from Kotak Mahindra Prime Capital Ltd. (NBFC) against Finance of Vehicle after six month we have sold vehilce to Mr. X for Rs. 3 lac and Mr. X directly cash paid to NBFC Rs.2.90 in our account & balance amt. to us and he provide us declaration of cash deposit along with PAN
but loan a/c in the name of us, so cash payment receipt mentioned our name & PAN No.
Pls advise these circumstance cash payment exceeding allowed to us ot not. if not pls help to avoid any penalty