Mode of taking or accepting certain loans, deposits and specified sum - Section 269SS & 271D

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..... erwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if - (a) the amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum is ₹ 20,000 or more, (b) on the date of taking or accepting such loan or deposit or specified sum, any loan or deposit or specified sum taken .....

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..... n, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette Note:- This section shall not apply where borrower and lender are having only agricultural income and neither of them has any income chargeable to tax under this Act. w.e.f. 01.04.2023 In the following case Li .....

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..... qual to the amount of loan or deposit or specified sum so taken or accepted unless he can prove that there was reasonable cause for doing so. Notes:- 269SS is not attracted where receipt was neither a deposit nor a loan, but merely an adjustment of amount which he owd to the company, the receipt did not fall within the meaning of loan or deposit u/s 269SS of the Act. [CIT v Indore Plastics Pvt. Lt .....

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