SEC 269SS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 June 2011
Sir
A cashier has to pay to vendor of co. Rs.125000/ towards canteen bill for the month.As per the agreement with co , vendor has to deposit Rs.25000/ towards deposit. Till date he has not deposited any money of the agreed deposit. While making the payment cashier deduct Rs.25000/ for deposits & pay bal Rs.100000/ by a/c payee cheque.
Whether provisions of Sec 269SS attracts as company takes the deposit " otherwise than by way of cross cheque / bank draft.".
Is there any circular / clarification / case law for this.
Thanks
Vdd2.
A cashier has to pay to vendor of co. Rs.125000/ towards canteen bill for the month.As per the agreement with co , vendor has to deposit Rs.25000/ towards deposit. Till date he has not deposited any money of the agreed deposit. While making the payment cashier deduct Rs.25000/ for deposits & pay bal Rs.100000/ by a/c payee cheque.
Whether provisions of Sec 269SS attracts as company takes the deposit " otherwise than by way of cross cheque / bank draft.".
Is there any circular / clarification / case law for this.
Thanks
Vdd2.
29 June 2011
This is purely a journal entry. In this case no transaction of money has been done and the deduction has not been challenged by the the canteen operator. For case law refer:
ITAT , Pune Bench in Sunflower Builders Pvt. Limited. vs Deputy Commissioner Of Income-Tax. 61 ITD 227
ITAT , Pune Bench in Sunflower Builders Pvt. Limited. vs Deputy Commissioner Of Income-Tax. 61 ITD 227
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