Loan of rs. 400000/- in the month of jan 2017

DEEPAK DHAMEJA (Querist) 01 May 2021 This query is : Resolved
AS I HAVE GIVEN LOAN OF Rs. 400000/- IN JAN 2017.
BY NEFT . LOAN WAS GIVEN TO PROPRITER SHIP CONCERN . AND IN THE YEAR 2017-2018 HE HAS ACCURED INT IN HIS BOOKS AND DEDUCT TDS AS PER NORMS.
SAME WAS DONE IN 2018-2019.
AND IN THE YEAR 2019-20 WHEN I APPROCHED HIM THAT EVERY TIME YOU ARE ONLY ACCRING INT IN YOUR BOOKS AND COPY OF UPDATED LEDGER YOU ARE GIVING BUT NOW (I.e IN YEAR 2019-2020) I WANT MONEY BACK .
HE GIVE ME SOME EXCUSES AND LATER IN THE YEAR 2020-2021 HE SAID I HAVE WRITTEN UP(IN CASH) YOUR ENTRY IN MY BOOKS OF ACCOUNTS IN THE YEAR 2020-2021. AND GIVEN ME Rs. 100000/- IN MY PERSONAL individual ACCOUNT THOUGH THE LOAN WAS GIVEN TO HIM BY MY HUF ACCOUNT.
SO PLEASE SUGGEST ME HOW CAN I DEAL WITH THIS MATTER AS LOCKDOWN IS GOING ON PEOPLE ARE DESPRATE NEED OF MONEY
AND I HAVE I ALSO LODGED GRIEVENCE IN INCOME TAX DEPT REGARDING NON- COMPLIANCE, DEDUCTION AND PAYEMNT OF TDS.
AND THE COMPLIANT PROGRESS IS GIONG ON.
THUS IS IT COMES UNDER IPC 420 ?? OR NOT ??

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Quick Summary

This discussion concerns a Rs. 4 Lakh loan provided in January 2017 via NEFT to a proprietorship concern. The borrower accrued interest and deducted TDS for the financial years 2017-18 and 2018-19. However, in 2020-21, the borrower claimed to have written off the loan in cash and repaid only Rs. 1 Lakh to the lender's personal account, despite the loan originating from an HUF account. The lender has filed a grievance with the Income Tax Department regarding TDS non-compliance and is seeking advice on whether this constitutes an IPC 420 offence or how to proceed with recovery.

Sankaranarayanan (Expert) 01 May 2021
Consult a local lawyer with all records and act accordingly

kavksatyanarayana (Expert) 01 May 2021
Yes. consult a local advocate for further guidance.

Advocate Bhartesh goyal (Expert) 02 May 2021
No, Offence of sec 420 IPC is not made out since it was in your notice that borrower has accuring interest in his books every year and been deducting TDS and and copy of updated ledger also provided to you but you kept mum and not made any objection .Apart from this it is pure case of civil nature so you may initiate recovery proceedings by filing money recovery suit.

Dr J C Vashista (Expert) 02 May 2021
I agree with the opinion and advise of expert Mr. Bhartesh Goyal, the case is civil in nature and no case u/s 420 IPC is made out.
The facts posted are not very clear.
Get the account checked.if the amount was given in 2017-18 it is barred by limitation.
It is advisable to consult and engage a local prudent lawyer for better appreciation of facts / accounts, professional guidance and necessary proceeding.

T. Kalaiselvan, Advocate (Expert) 02 May 2021
Since the company has reflected this loan in its book of accounts every year and also mentioned about eh accrued interest as well as deducting the TDS for the accrued interest, the loan is not barred by limitation. You may proceed with the steps for initiating money recovery suit after issuing a legal demand notice.
You may transfer the repayment of Rs. 100000 to your HUF account.

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