Private company agreement to cash purchase old jCB of Rs 50 Lakh
This query is : Resolved
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KUSHAL JAIN
(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.
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.
CA R SEETHARAMAN
(Expert)
30 April 2022
Who is in possession of JCB.
KUSHAL JAIN
(Querist)
30 April 2022
Mr A is a Seller..and JCB are in possession.
CA R SEETHARAMAN
(Expert)
01 May 2022
Agreement is cancelled and no cash payment made for purchase so no consequences.
KUSHAL JAIN
(Querist)
01 May 2022
Can a.o charge section 269T on mr A ..?cash receipt more then 2 lakh.
KUSHAL JAIN
(Querist)
01 May 2022
Cash was given t time of Agreeement and Retern at time of cancle.
CA R SEETHARAMAN
(Expert)
02 May 2022
269T not applicable as it's payment for sale.
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