Sec 269ss and sec 269t
This query is : Resolved
CA Shyam Agarwal
(Querist)
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
CA PARAS BAFNA
(Expert)
15 January 2016
The AO can not invoke Section 269SS as the payment received against sale of goods is not an acceptance of deposit.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Issuing of delivery challan by seller of goods
- Tax on Amount transferred in HUF Account
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
