Advance received for sale
This query is : Resolved
18 September 2010
Hi
My client has a practice of first received advance money and after one or two days making sales.
My question Is this type of transaction actracts provisions of Section 269ss.
My client has a practice of first received advance money and after one or two days making sales.
My question Is this type of transaction actracts provisions of Section 269ss.
mohinder kansal
(Expert)
18 September 2010
if sale is made against advance money received from purchaser, section 269SS is not attracted
19 September 2010
No Sec 269 SS is not attracted as advance against sale is not a loan or deposit but a trade advance.
Praveen Sharma
(Expert)
20 September 2010
not attracted.
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