Amount Received


(Querist)
09 December 2019
That assessee is engaged in Trading of Food grains( adat Business).during the year assessee had received more than 20000/- from his brother several times, who is also engaged in adat Business, and repaid more than 20000/- several times to his brother, and at the end of the year account has been squared up. whether section 269SS Apply or not if not , please clarify with Reason


CA R SEETHARAMAN (Expert)


Click to Talk 09 December 2019
Treat the payments as gifts 269SS not applicable.


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