Is my transaction covered in sec. 269SS & 269T or not Expl.

This query is : Resolved

Baldev Sharma (Querist)
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08 June 2009 Please give me solution

in my case, i have made a payment to my purchaser party by financer or Sroff, and the same amount paid to financer or sroff for 15 to 30 dayeswith Interest by me an account payee cheque.

in accounting, I am debited the purchaser party and credited financer or Sroff, and some time i need money so i recd. account payee cheque from financer or Sroff. and interest dr. and deducted t.d.s. @ 10.3%

the above situation in my accounts, so please solve my problems that can this account covered in sec. 269ss & 269t or not (explain deeply with example)

CA PARVEEN GAMBHIR

CA PARVEEN GAMBHIR (Expert)
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09 June 2009 As understood from ur query that amounts were taken and repaid by account payee cheques so the provisons of 269SS & 269T will not hit.

Ratan Sharma

Ratan Sharma (Expert)
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09 June 2009 Agreed with parveen.

Aditya Maheshwari

Aditya Maheshwari (Expert)
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11 June 2009 Sir you have asked the same query in two sections. It has been answered in the income tax segment.
The link if you cannot find it
https://www.caclubindia.com/experts/experts_message_display.asp?group_id=190783

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