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Private company agreement to cash purchase old jCB of Rs 50 Lakh

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(Querist)
30 April 2022 dear member
one of my client pvt ltd. has did agreement for purchase of 2 old JCB from mr A (individual) for Rs 50 Lakh on 1.5.2016 and agreement was canceled in 30. 7.2016. what is consequences for company (my client) and Mr A in eye of income tax. Please give me suggestion.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
30 April 2022 Who is in possession of JCB.
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KUSHAL JAIN

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KUSHAL JAIN (Querist)
30 April 2022 Mr A is a Seller..and JCB are in possession.



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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
01 May 2022 Agreement is cancelled and no cash payment made for purchase so no consequences.
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KUSHAL JAIN

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KUSHAL JAIN (Querist)
01 May 2022 Can a.o charge section 269T on mr A ..?cash receipt more then 2 lakh.
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KUSHAL JAIN

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KUSHAL JAIN (Querist)
01 May 2022 Cash was given t time of Agreeement and Retern at time of cancle.
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
02 May 2022 269T not applicable as it's payment for sale.

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