prasad (government employee) (225 Points)
21 March 2017the assessee during the year 2014-15 has advances loans in the mode of cash over and above Rs.20,000/-. I think it is violation of sec.269ss. penalty is to be levied and at the same time addition is also permitted by Act or not.
yes loans in the mode of cash over and above Rs.20,000/-.
I think it is violation of sec.269ss.
Such provisions regulating the mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269SS and 269T of the Income Tax Act 1961
Penalty
If any of the above provisions are violated then the penalty shall be equal to the amount of loan or deposit taken or accepted or repaid.
Auditor’s are required to disclose the payment of a loan or deposit along with Interest Rs.20000 or more. (Guidance note on Tax Audit issued by ICAI)
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