Section 269
This query is : Resolved
24 December 2019
I have received am interest sum of Rs 3,00,000/- in cash on 10.2.2017 i.e. AY 17-18.... It is neither a loan nor a deposit nor a property advance... The same amount has been declared as profit in my Profit&Loss account and tax has been paid accordingly... Does section 269ss apply...???
26 December 2019
269ss not applicable but 269T applicable on payer.
26 December 2019
I am on the receipt end.... This interest had been received from a debtor who has been declared before the department during search proceedings. Further PAN details and payment confirmation cannot be made by the payer since it's unaccounted cash. I have made declared the interest received in cash in my books. What is my risk...?
26 December 2019
You will be liable for penalty if taken up for scrutiny treating it as undiclosed source of income.
26 December 2019
But i have declared the same in my books in the P&L statement.....
26 December 2019
You have declared but source of income has to be disclosed.
27 December 2019
Yes I already told..........
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