Repayment of loan in cash

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John Joseph (Querist)
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25 May 2011 what are the provisions in IT Act attracts for repayment of Loans by a co to other person in cash. Loan balance is more than 20000.

Sec 269T mentions only Deposits, that means lOan is not covered??

Bindu Madhav

Bindu Madhav (Expert)
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25 May 2011 269T applicable for Loans as well..

269T - "Mode of repayment of certain loans or deposits"

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John Joseph

John Joseph (Querist)
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25 May 2011 Wats the diff between 269 S and SS ??

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Bindu Madhav

Bindu Madhav (Expert)
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25 May 2011 I think you are asking the difference between 269T & 269SS.

269SS - is related to TAKING of loans/deposits

269T- is related to REPAYMENT

John Joseph

John Joseph (Querist)
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25 May 2011 no, dif between S & SS?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 May 2011 269 S is ceased to operate w .e.f 30/09/1986.
However, that was a section excluding the state of Jammu & Kashmir from certain provisions regarding the compliance of "acquisition of immovable properties in certain cases of transfer to counter evasion of tax".