Cash sale more than rs 10.00 lac
This query is : Resolved
Rajesh Chadda
(Querist)
10 August 2011
one assessee made a sale of Rs 10.00 lac as cash sale
wether assessing office can ask for verification of person to whom asssessee has sold as cash sale
whether assessee is under an obligation to obtain name address and pan of the person to whom he has sold goods more than rs 10.00 lac in cash (In income Tax)
wether assessing office can ask for verification of person to whom asssessee has sold as cash sale
whether assessee is under an obligation to obtain name address and pan of the person to whom he has sold goods more than rs 10.00 lac in cash (In income Tax)
CA Navin Jain
(Expert)
10 August 2011
No need to obtain name address and pan of the person to whom he has sold goods more than Rs. 10.00 lac in cash
The is no default of the seller if he sold the goods in cash
The is no default of the seller if he sold the goods in cash
10 August 2011
even for a cash sale you will have a bills.. so there is no need of any proof...and i hope that cash sales is accounted.
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