Loans or Deposits under Sec 269SS of Income Tax Act, 1961

Sec 269SS under Income Tax Act has been reproduced as follows

[Mode of taking or accepting certain loans, deposits and specified sum]

269SS. No person shall take or accept from any other person (herein referred to as the depositor), any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if,—

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