Rs. 20000 Limit under section 269SS & 269T is person wise

Shri Deepak Mata Vs JCIT (ITAT Jaipur)

Bench found that the plain reading of both the Sections denotes that Section 269SS is attracted when the amount of loan taken from individual person exceeds Rs,20,000/- and Section 269T is attracted when the repayment of loan made to individual person exceeds Rs.20,000/-. The Bench has also gone through the cash book placed on record  and statement of loan taken and loan repaid in cash drawn from the cash book, it can be noted that the amount of loan taken from each person and amount of loan repaid to each person

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