Penalty U/s 269ss of Income Tax Act 1961, Income Tax

[sunil patil]

A Co-operative credit society disburse a loan of Rs.1,00,000/- to his member by cheque. The same  member of society who has taken loan from society was partly repay the loan to the society for Rs.50,000/- in cash.  The society has accept the amount in cash. Is the society has made contravention of  Section 269SS of IT Act ? As per my information contravention u/s 269SS is made only when amount of deposit or loan accepted in cash & not at the time of acceptance of repayment of loan.

Please guide me.

Posts / Replies

[CA Rachit Agarwal]

However Section 269T deals with the Repayment of loans and deposits.