Substitution of new section for section 269T
Section 99 of the Finance Act, 2002 deals with substitution of new section for section 269T. Substitution of new section for section 269T.
Substitution of new section for section 269T.
99. For section 269T of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2002, namely:—
‘269T. Mode of repayment of certain loans or deposits.—No branch of a banking company or a co-operative bank and no other company or co-operative society and no firm or other person shall repay any loan or deposit made with it otherwise than by an account payee cheque or account payee bank draft drawn in the name of the person who has made the loan or deposit if—
(a ) the amount of the loan or deposit together with the interest, if any, payable thereon, or
(b ) the aggregate amount of the loans or deposits held by such person with the branch of the banking company or co-operative bank or, as the case may be, the other company or co-operative society or the firm, or other person either in his own name or jointly with any other person on the date of such repayment together with the interest, if any, payable on such loans or deposits,
is twenty thousand rupees or more:
Provided that where the repayment is by a branch of a banking company or co-operative bank, such repayment may also be made by crediting the amount of such loan or deposit to the savings bank account or the current account (if any) with such branch of the person to whom such loan or deposit has to be repaid.
Explanation.—For the purposes of this section,—
(i ) "banking company" shall have the meaning assigned to it in clause (i) of the Explanation to section 269SS;
(ii ) "co-operative bank" shall have the meaning assigned to it in Part V of the Banking Regulation Act, 1949 (10 of 1949);
(iii ) "loan or deposit" means any loan or deposit of money which is repayable after notice or repayable after a period and, in the case of a person other than a company, includes loan or deposit of any nature.’.
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Section 99, The Finance Act, 2002.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
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Questions about Section 99
What does Section 99 of the Finance Act deal with?
Section 99 of the Finance Act is headed "Substitution of new section for section 269T". Substitution of new section for section 269T.
How do I find court cases under Section 99 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2002 99, section 99 Finance Act 2002, section 99 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 99 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 269T (Mode of repayment of certain loans or deposits), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2002. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5753 words
- 4. Amendment of section 102120 words
- 2. Income-tax1821 words
- 60. Amendment of section 143781 words
- 21. Substitution of new section for section 43A780 words
- 57. Substitution of new section for section 132B724 words
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