section 269ss
prithwish sengupta
(Querist) 23 December 2010
This query is : Resolved
1) can a person take a loan / deposit through
core banking system (c.b.s.)??
2) will it attract section 269ss if a person directly deposit cash into assesse's bank a/c as loan or deposit??
3) can a person make a payment of loan/ deposit through cash in cbs system and whether it attaract section 269T??
please refer decided case laws if any
thanking you.
Vineet
(Expert) 23 December 2010
It does not make any difference if the persons accepts cash loan and deposits himself in his bank account or the lender directly deposits cash in receipients bank account.
The sum and substance of transaction remains acceptance of loan in cash which is violation of section 269SS.
s.subramanian
(Expert) 24 December 2010
Yes. I agree with Mr.Vineet.
