Easy Office
LCI Learning

Section 269ss

This query is : Resolved 
Profile Image

Profile Image

(Querist)
20 August 2012 Suppose, A accept loan from B of Rs 19000 by cash on 07/01/2012, and repay 5000 by cash on 28/01/2012. On 12/02/2012, he accept Rs 8000 by account payee cheque from B on 26/02/2012, then provision of section 269SS will attract?
Profile Image

CA Siddhartha Bhardwaj

Profile Image

CA Siddhartha Bhardwaj (Expert)
20 August 2012 At the time of accepting the second loan the outstanding balance is Rs. 14,000.

If he accepts the loan of Rs. 8,000 the total loan amount will exceed Rs. 20,000.

So, if he accepts the loan of Rs. 8,000 in cash Section 269SS will be attracted.
Profile Image

CA CS Amit S. Kedia

Profile Image

CA CS Amit S. Kedia (Expert)
20 August 2012 The provisions are not applicable since Rs. 8000 is accepted other than by cash
Upgrade to CAclubindia Pro. Subscribe Now!


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess
Let's Talk Money: You've Worked Hard for It, Now Make It Work for You
Click here for more bestsellers


Answer Query



Quick Links