sec 269 st related query

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rahul agrawal (Querist)
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17 April 2017 hello sir, one of the assesse has engaged in readymade business , he filed return for two f.y showing income as retail cloth merchant. as we all well know that there is no tax on cloth items. There is no bill for showing as purchase goods . Now the government has issued sec 269st rules. at this stage what the assessee has do....no trade licensce , no current account the assessee is in doubt that how he will follow sec 269 st rules by paying through bank.... either he has start new business through new trade license..... plz suggest

CA Gopal Somani

CA Gopal Somani (Expert)
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18 April 2017 269ST does not apply on Bank transactions.

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