Cash deposit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2013 My client has received Rs. 37.00 lac from relatives for making Demand Draft for applying the Wine Shop in relatives name. As relatives haven't opened any bank account till date. The amount was used for Demand draft only. The same amount has been credited in bank as applications were rejected. ( all was happen in month of march )
Can AO disallow the same u/s 269SS.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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31 August 2013 It is not clear whether loan was given or not in cash from query.
if given then provision of sec 269SS will be applicable and penalty of equal amount will be imposed by AO.

Querist : Anonymous

Querist : Anonymous (Querist)

31 August 2013 its not loan. its just for making demand draft as relatives have not bank account.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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31 August 2013 if it is not a loan given then sec 269SS is not applicable.

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