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.
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