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269 ss

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(Querist)
08 February 2013 Dear experts,
I need cash in my a/c approx 10 lakhs to buy an asset. Can i credit rs.49000 in different names? Or will this be attracted u/s 269 ss? Pls guide
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
08 February 2013 Do you have Rs 10.00 Lakh !
.
First, ascertain the source from where you have received the amount !
.
It is possible that the money may be of your own !!!!
.
And in such a case- you may not be required
to credit the full amount in the name of X, Y or Z.
.
Section 269SS has been implemented specifically to avoid acceptance of such (False) Cash deposits and loans.
.
It will be attracted.
.
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