Unsecured loan receivable

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Mahabir Prasad Agarwal (Querist)
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26 September 2024 If any payee refuse to pay my unsecured loan and if I show the said unsecured loan as Received Vide Cash, what consequences may arise in income tax sir ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 September 2024 Check sec. 269T IT act.

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Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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26 September 2024 Sir, does not section 269T impose penalty only on person who pays the amount in cash ? I f I show my loan as received in cash, whether any penalty can also be imposed on me ?

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 September 2024 That is what I want to specify, when he will be queried about the loan repayment (& hence penalty) he will deny the fact, In that case you will be caught for unaccounted money & hence legal consequences.

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Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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26 September 2024 My acknowledgment (with a proper money receipt) and hi denial ! Which will prevail ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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26 September 2024 You acknowledgement for cash receipt can be easily denied by payer.

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Mahabir Prasad Agarwal

Mahabir Prasad Agarwal (Querist)
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26 September 2024 Thanks for your quick suggestion sir.

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