07 September 2008
I paid Mr.Das by cheque Rs. i,20,000/- He repaid the money as cash in 2008, Rs.15,000/- each was given in 8 instalments. Does the amount thus obtained(15,000*8=1,20,000)will be considered as my income in this financial year?, Does the case attract section 269SS of IT Act?, Is it necessary for me to recieve the amount only through cheque from him?.
This doubt has arised while reading the exception to SEC 269SS that it is not applicable in case of persons having only non taxable agricultural income.
07 September 2008
On the facts given above the questions are answered as follows:- 1.The amount received back by you is not your income. 2.No, because you have not taken or accepted loan. 3.No N.B:- Mr. Das will be penalised u/s 271E in this case since he repays the loan in cash.
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