Applicability of section 269ss and 269t on construction co.

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Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2014 We are running real estate business of construction of flats and we accept booking amount and other installments as "Advance from Customers" through cash and cheques and cash amount exceeds Rs 20000/- every time. So whether section 269ss or 269t is attracted on cash receipts. If so what are its effects, we have audited our balance sheets also but our CA didn`t find these defaults. Kindly guide me Experts. Thanks

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 January 2014 Section 269SS is NOT applicable to advances received for sale of goods as it is NOT a loan.

Therefore, Section 269SS is NOT attracted on advances received from customers.

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Applicability of section 269ss and 269t on construction co.

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