Penalty enviable for accepting Cash Deposit exceeding Rs 20000 : HC There is nothing to indicate that the assessee has got any registration as a banking company, as defined under the Banking Regulation Act or not even to the effect that the appellant is a ‘non-banking financing company’ having authorisation from the Reserve Bank of… Read More »
RBI/2016-17/245 DNBR (PD) CC.No.086/03.10.001/2016-17 March 09, 2017 All NBFCs Madam/ Sir, Disbursal of loan amount in cash Reference is invited to instructions contained in para 37(iii)(b) of Non-Banking Financial Company – Non-Systemically Important Non-Deposit taking Company (Reserve Bank) Directions, 2016 and Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve… Read More »
No to taking/Acceptance of Loan or Deposits or advances in cash Exceeding Rs 20000 : Section 269SS of Income Tax Act In order to curb generation of black money by way of dealings in cash in immovable property transactions, Finance Act 2015 Provides that there should be no taking/Acceptance of Loan or Deposits or advances in… Read More »
Whether taking of the loan in cash, which was more than Rs.20,000/- was in gross violation of of section 269SS and, consequently, by operation of law, the penalty is to be imposed ? Where even though assessee had taken a loan in cash, since loan was routed through bank account of assessee for payment to Government… Read More »
Question: Can Firm take money from partner in cash ? Answer Yes . Transaction of loan between a firm and its partner does not attract s. 269SS. If other High Courts have taken a consistent view, that should be followed even if opposite view is possible. HIGH COURT OF DELHI Commissioner of Income-tax, Delhi-VIII, New… Read More »