Tax Audit
This query is : Resolved
09 August 2010
whether interest credited on loan will attract section 269SS???????????
09 August 2010
NO, SECTION 269SS WILL NOT BE ATTRACTED TO INTERST CREDITED TO LOAN A/C . BECASUE IT IS JOURNAL ENTRY
SEE THE CASE LAW FOR IT
Acceptance or repayment through Journal entry donot attract section 269SS or 269T: Acceptence or repayment through Journal Entry would not come within the ambit of the words ‘loans or deposits’-section 269SS applies only where money passes from one person to another by way of ‘loan or deposit’[CIT v. Noida Toll Bridge Co. Ltd. 262 ITR 260 (Del.)]
SEE THE CASE LAW FOR IT
Acceptance or repayment through Journal entry donot attract section 269SS or 269T: Acceptence or repayment through Journal Entry would not come within the ambit of the words ‘loans or deposits’-section 269SS applies only where money passes from one person to another by way of ‘loan or deposit’[CIT v. Noida Toll Bridge Co. Ltd. 262 ITR 260 (Del.)]
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