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Sec 269 T

Shashi Kumar C.G. (Articled) (158 Points)

08 May 2008

Can any one tell me about Sec 269 T? also send if any case law or judgement regarding this.

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2 Replies

Pavan Kumar.S (Article Assistant) (37 Points)
Replied 08 May 2008

Hi,

Sec 269T deals with Mode of Repayment of certain Loans or deposites.

Acc to sec 269T of IT Act, 1961 no person is allowed to repay loans or deposites taken or accepted by him in Cash exceeding Rs 20,000. Default of this sec leads to application of sec 271E which states that, he would be liable to pay a penalty of sum equal to the amount of loan or deposit repaid by him.

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Shashi Kumar C.G. (Articled) (158 Points)
Replied 06 June 2008

Thanks for ur reply. my further query - does this sec. says repayment is to be made only to the person from whom we have taken loan, I mean "only to that person" even not to his/her legal heirs, representatives etc.