Sec269ss
This query is : Resolved
Deepak Bansal
(Querist)
29 March 2015
State sec269ss applt in case of cash sale above rs 20000 whch is retail sale
29 March 2015
Lets refer the wordings of the Section 269SS -
No person shall, after the 30th day of June, 1984, take or accept from any other person (hereafter in this section referred to as the depositor), any loan or deposit otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account if,—
(a) the amount of such loan or deposit or the aggregate amount of such loan and deposit ; or
(b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid ; or
(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b),
is 8[twenty] thousand rupees or more :
Hence 269SS is applicable only to Loan or Deposit and NOT to SALES transactions.
No person shall, after the 30th day of June, 1984, take or accept from any other person (hereafter in this section referred to as the depositor), any loan or deposit otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account if,—
(a) the amount of such loan or deposit or the aggregate amount of such loan and deposit ; or
(b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid ; or
(c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to in clause (b),
is 8[twenty] thousand rupees or more :
Hence 269SS is applicable only to Loan or Deposit and NOT to SALES transactions.
CA SACHIN SINGH
(Expert)
29 March 2015
296SS is for accepting loan or deposit. There is no relevance with sale.
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