SEC 269SS AND 269T

This query is : Resolved

rajesh (Querist)
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11 July 2009 DEAR SIR/MADAM

AS ASSESSEE TAKEN LOAN FROM BANK (SECURED)RS. 25,00,000/ AND LOANS RECEIVED FROM UNSECURED FROM OTHERS RS. 15,00,000(CHQ) AND RS. 1,00,000/-(CASH) THESE ARE SHOWN UNDER 3CD COLOUM NO 24B SEC 269SS IS COMPULSORY. ALL ITEMS OR UNSECURED ITEMS, CASH RECEIVED ABOVE TWENTY THOUSAND IS DISALLOWED BY ITO OR AT THE TIME OF COMPUTATION.
2. AS ASSESSEE GIVEN LOAN TO OTHERS RS. 1,00,000(CHQ) AND RS. 1,50,000(CASH) THESE ITEMS ARE SHOWN UNDER 3CD COLOUM NO 24B SEC 269T IS COMPULSORY. ALL ITEMS OR UNSECURED ITEMS, CASH PAID ABOVE TWENTY THOUSAND IS DISALLOWED BY ITO OR AT THE TIME OF COMPUTATION. IF ABOVE ITEMS ARE DISALLOWED OR PENALTY IF PENALTY PLEASE TELL HOW MUCH AND WHICH SECTION.

THANKS IN ADVANCE

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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11 July 2009 1)Penalty - 1,00,000 i.e the amount of loan taken in cash u/s 269SS.

The loans given will be disallowed in the hands of the loanee and he will be subject to penalty.