269ss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2012
Rs. 200,000/- is receivable to A Ltd. from B ( a proprietory firm to whom advance was given by A ltd. for purchase of material). B is selling its property to C ( a partnership firm & sister concern of A Ltd.). The amount payable to A Ltd. by B is to be adjusted in the books of C and lesser payment will be made to B by Rs. 200000/- . The dues of Rs. 200000/- will be accounted for as unsecured loans from A Ltd. in the books of C. Whethe 269SS will be attracted in this transaction as payment is made by otherwise than crossed account payee cheque/draft.
Amol S Joglekar
(Expert)
10 August 2012
Yes. It is always fair on the part of the auditor to disclose such book entries as well.
10 August 2012
269SS doesn't attract for book entries.
Citation :- ACIT V. Ruchika Chemicals & Investment (2004) 88 TTJ 85 (Del).
Citation :- ACIT V. Ruchika Chemicals & Investment (2004) 88 TTJ 85 (Del).
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