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269ss&t

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(Querist)
03 May 2014 sir,
An assesse received advance for sale of immovable property for Rs.1500000/- since the deal is cancelled. The assesse has repaid the advance by cash weather the provisions of the sec.269SS&T are attracted please explain me about it elaborately.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
03 May 2014 269T should apply in this case as you are giving back a deposit in cash exceeding rs 20000/-

it is a simple provision with little ambiguity. only trade advances are kept out of 269t
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B.V.Vijaya Lakshmi

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B.V.Vijaya Lakshmi (Querist)
05 May 2014 thank you very much sir
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