Sec 269ss and sec 269t
This query is : Resolved
15 January 2016
Respectable Experts
Scrutiny process is going on u/s 143(2) on one of my client for the financial year 2012-13. He involving the business of computer and devices. He made cash sale of Rs. 25000/- to single person and accepted 25000/- in cash for Sale. Now A.O. want to invoke penalty u/s 269ss bcz he accepted more than Rs. 20000/- in cash.
Plz advice me on this issue.
Thank you
Scrutiny process is going on u/s 143(2) on one of my client for the financial year 2012-13. He involving the business of computer and devices. He made cash sale of Rs. 25000/- to single person and accepted 25000/- in cash for Sale. Now A.O. want to invoke penalty u/s 269ss bcz he accepted more than Rs. 20000/- in cash.
Plz advice me on this issue.
Thank you
15 January 2016
The AO can not invoke Section 269SS as the payment received against sale of goods is not an acceptance of deposit.
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