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seen from United States
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Introduction to Sections 269SS and 269T In a notification released on March 9, 2017, the RBI declared that sections 269SS and 269T will be applicable to NBFCs. These stipulations thus, add to the list of NBFC compliances in India. Before we delve
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Provisions of section 269SS of the Income Tax Act provides that any loan or deposit should be taken or accepted from any person only through an account payee cheque or account payee bank draft. Section 271D of the Income Tax Act deals with penalty for failure to comply with section 269SS of the Act.
No Penalty for cash loan to Sister Concerns due to business exigency
No Penalty for cash loan to Sister Concerns due to business exigency
There is no dispute about the fact, that the instant cash transactions of the respondent-assessee were with the sister concern, and that, these transactions were between the family, and due to business exigency. A family transaction, between two independent assessees, based on an act of casualness, specially in a case where the disclosure thereof is contained in the compilation of accounts, and…
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Section 269SS not applies to loan between firm and partners
Section 269SS not applies to loan between firm and partners
Loan between firm and partners is out of ambit of Section 269SS
Facts of the Case- During the course of the assessment proceedings, it was found that the firm had accepted payments from the partners, during the relevant year corresponding to the Assessment Years, in cash. The details of the total amounts paid to the individual firm by the partners in all the aforesaid four appeals are as under: (…
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