banner_ad

sec 269T

This query is : Resolved 
Profile Image

Profile Image

(Querist)
08 July 2009 A buyer had given advance for goods to a firm. But the sale was not made. Instead the money was paid back in cash exceeding Rs.20000. Would this amount be disallowed. If so is it u/s 269T or any other section?
Profile Image

Ratan Sharma

Profile Image

Ratan Sharma (Expert)
08 July 2009 Hi,
There will be no disallowance either u/s. 40A or u/s. 269T. You have to take care, to pass the entries properly in the books of accounts with full narrations. Also keep ready the related vouchers & bill with detail of transactions to prove the guineness of the transaction. Many times it happens in the case of builders where they accept the cash as an agreement to sale the house but afterwards transaction doesnot materialise in sale and money is refunded back. Sec. 269T or Sec. 40A not applicable in such cases.
It is neither loan taken nor you have debited any expenditure in profit & loss account for this transaction.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details