09 December 2010
Where the assesse have received some amount towards land advance and was not in obligation to return the advance money received, whether the provision of section 269(ss) is applicable or not. Kindly clarify and if there is any case law in par pls refer.
In my opinion, if the assessee is other than a company, the provisions of section 269SS won't apply in the given case. Since,
The Direct Tax Laws (Amendment) Act, 1987 has amended the definition of “deposit” for the purpose of section 269T of the Income-tax Act.
Under the amended definition, the said term has been defined to mean
“any deposit of money which is repayable after notice or repayable after a period and, in case of a person other than a company, includes deposit of any nature”.
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