269SS
This query is : Resolved
14 May 2011
IF ADVANCE MONEY RECD FOR SALE OF PLOT THEN 269SS WILL BE ATTRACTED OR NOT .........ANY CASE LAW.
B/C IN ICAI GUIDANCE NOTE IT IS GIVEN TO EXCLUDE ADVANCE AGAINST SALE OF GOODS.....
URGENTLY REPLY
B/C IN ICAI GUIDANCE NOTE IT IS GIVEN TO EXCLUDE ADVANCE AGAINST SALE OF GOODS.....
URGENTLY REPLY
14 May 2011
Advances for sale of goods or assets are not covered under 269SS and 269T. Only loans and deposits accepted are covered. So, in your case, advance money received for sale of plot wont attract 269SS
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