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Advance against sale in cash

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 October 2011 Dear experts

Whether "advance against sale" received in CASH does fall under sec. 269 SS of IT Act?

Please guide
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
06 October 2011 my view is yes. need to be shown u/s.269SS
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Querist : Anonymous

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Querist : Anonymous (Querist)
15 October 2011 please refer comments of Mr. B.C. Warrier

Advance received against agreement of sale of goods is not a loan or deposit with in the ambit of section 269SS.
Courtesy :- ICAI publication, "Guidance note on tax audit u/s 44AB of the IT Act,1961".
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