clarification regarding 269ss section

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ks mitul (Querist)
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14 July 2016 a firm has sold a land and received Rs.20L consideration in cash..whether this will be required by statutory auditor to disclose in tax audit statement under 269ss ?? whether he is liable to disallow it while computing tax ?

Kaushik Joshi

Kaushik Joshi (Expert)
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15 July 2016 Dear KS Mitul, I fail to understand any co relation in the question. it talks about income. what has sec 269ss and disallowance got anything to do with income received? secondly, income tax auditor and not the statutory auditor is required to report transactions in the 3ca-3cd/3cb-3cd. I hope this solves your query.

Soumitra Basu

Soumitra Basu (Expert)
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16 July 2016 I found that the partnership firm has contravened the provision 269SS and thus liable to be penalty under section 271D provided there is no reasonable clause under section 273B.

ks mitul

ks mitul (Querist)
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28 September 2016 yes I agree with soumitra basu view.but we can't disallow while computing tax rite ? instead we must disclose it in tax audit report?

Kaushik Joshi

Kaushik Joshi (Expert)
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02 October 2016 Dear K S Mitul, Kindly answer my below questions. Maybe then we can come to a proper conclusion: As per the sale agreement, has the firm received amount on the sale deed date or beforehand? 2. Is the land an rural agricultural land?

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