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

Amol S Joglekar (Expert)
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10 August 2012 Yes. It is always fair on the part of the auditor to disclose such book entries as well.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 August 2012 269SS doesn't attract for book entries.
Citation :- ACIT V. Ruchika Chemicals & Investment (2004) 88 TTJ 85 (Del).

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