Question ID : 2012

UNSECURED LOANS

IF A PROPRIETARY CONCERN ACCUMUTE A CREDIT ACCOUNT WITH HIM A SUM OF RS 24000,- (AS RENT PAID PER RS. 2000 MONTH)
IT IS VIOTION OF SECTION 269SS ACCEPTG OF LOAN OTHERWISE THEN BY AN ACCOUNT PAYEE CHEQUE OR NOT IF YES THEN ANY PENAL PROVISION ATTRACTS AND ABOVE BANCE OF RS. 24000,- SHOULD BE REPAID THROUGH BY AN ACCOUNT PAYEE CHEQUE OR MAY BE PAID THOUGH CASH 12000, - TWO PARTS
AND,IT IS POSSIBLE FOR ASSESSEE TO TAKE AN UNSECURED LOAN HIS PERSONAL NAME OF RS. 18000,- CASH BY SAME PERSON IT IS VIOTION OF SECTION 269SS OR NOT PLEASE GIVE ANSWER WITH REASON '

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