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Book Adjustment and section 269ST

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(Querist)
19 August 2020 Mr X purchased goods worth Rs.10 lacs from Mr Y on 15.07.2020 and subsequently sold the same to Mr. Z on 22.07.2020 for Rs.11 lacs. Mr. Z paid Rs. 1 lac through cheque to Mr. X and requested to adjust Rs. 10 lacs with account of Mr. Y as per consent given by Mr. Y.
Whether book adjustment made by debiting Mr. Y by Rs. 10 lacs and crediting Mr., Z by Rs. 10 lacs would fall within the provision of Section 3269ST as the section envisages payment through account payee cheque/draft or electronic transfer through bank. Here cash involved is just Rs. 1 lac.
Please advise. Thanks
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
20 August 2020 Book adjustment can't be considered as receipt of money, hence 269ST not applicable.
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