Repayment of capital to partners other than by account payee cheques is not a violation of Section 269T0 comments Tuesday, August 16, 2011I have found the following order of Ahmedabad ITAT very useful wherein it has been held that repayment of capital to retiring partners through bearer cheques is not violation of section 269T of Income Tax Act, 1961. Section 269T prohibits repayment of loans and deposits of Rs. 20000 or more otherwise than by an account payee cheque or draft. No Demand draft of Rs. 50000 or above against cash payment-Reserve Bank of India0 commentsRBI has issued a letter clarifying that demand draft,mail transfers, telegraphic transfers and travellers cheques of Rs. 50000 or above will be issued only from the customer's bank account or through cheques or other instruments but not against cash. This step will help in checking the flow of black money. I find it a very useful information to share with the readers. The letter is being produced herebelow:
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Right consultancy at right time avoids unnecessary litigation.
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