Applicability of sec 269ss for rental advance

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Querist : Anonymous

Querist : Anonymous (Querist)

01 March 2013 one of my client has accepted the renal advance in cash, will the provisions of sec 269 will apply or not? if not pl provide the answer with recent case laws and oblige
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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 March 2013 269 SS will not apply. Please refer ITAT Chennai's decision in http://www.indiankanoon.org/doc/81149070/

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Querist : Anonymous

Querist : Anonymous (Querist)

02 March 2013 Thank your very much sir, for your reply, sir,I am giving a reply to the ITO, citing the above case law, and mentioning the circumstances under which the assessee was compel to accept the rental dep. in cash, but still if can disallow and add the amount and initiate the penalty?
It will be useful if you give the fitting reply

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