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Advance received for sale

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(Querist)
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.
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mohinder kansal

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mohinder kansal (Expert)
18 September 2010 if sale is made against advance money received from purchaser, section 269SS is not attracted
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CA Parag

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CA Parag (Expert)
19 September 2010 No Sec 269 SS is not attracted as advance against sale is not a loan or deposit but a trade advance.



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Praveen Sharma

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Praveen Sharma (Expert)
20 September 2010 not attracted.

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