Section 269ss/269t

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Querist : Anonymous

Querist : Anonymous (Querist)

30 December 2011 What exactly is the meaning of loan/deposits as covered under these sections.

Whether transfer by book entries of one creditor to other creditor in books of assessee is permissible, when both the creditors are sister concerns.Whether it violates provisions of any of the sections under the Income Tax Act?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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30 December 2011 If the loan is transferred through book entries , backed by letters from both the parties involved , section 269SS or 269TT can not be applicable.

Citation :- Sunflower Builders Pvt Ltd Vs. DCIT 61 ITD 227 (ITAT-Pune).

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