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repayment of loan by book entries

KAMAL PODDAR
is it correct to pass journal entries between two parties for repayment of loan i.e. Credit the outstanding loan of A and Debit the outstanding unsecured loan of B.
Repayment by book entries is not permissible; such transfers contravene section 269T and its repayment rules. Repayment by book entries between two parties - crediting one party's outstanding loan and debiting another's unsecured loan - is not acceptable and would contravene section 269T of the Income Tax Act. (AI Summary)
Income Tax
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CAGOPALJI AGRAWAL on Feb 19, 2011

No it will not be in accordance with the provisions of section 269T of the Income Tax Act.

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