Section 269

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This query is : Resolved

Akshay (Querist)
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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...???

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2019 269ss not applicable but 269T applicable on payer.

Akshay

Akshay (Querist)
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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...?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2019 You will be liable for penalty if taken up for scrutiny treating it as undiclosed source of income.

Akshay

Akshay (Querist)
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26 December 2019 But i have declared the same in my books in the P&L statement.....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 December 2019 You have declared but source of income has to be disclosed.

Akshay

Akshay (Querist)
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26 December 2019 269T is at the payee end and not receiving end....