Un secured loan from Director of Pvt. ltd co.,

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2010 1)can a director or any share holder of a pvt. ltd co., give loan to the company through cash.

2)will it attract the penal provisions of S.269 SS of the Income Tax.

3)Is there any possibility to treat the cash contribution to the company, not to attract the penal provisions of S.269 SS of the Income Tax.

mohinder kansal

mohinder kansal (Expert)
Follow

22 June 2010 cash loan can not be recd. from anybody whehter director or shareholder. if share application money is received in cash section 269SS might not be attracted, but it is controversial