Advance against sale in cash
Querist : Anonymous
Whether "advance against sale" received in CASH does fall under sec. 269 SS of IT Act?
Please guide
Querist : Anonymous
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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