SECTION 269SS
This query is : Resolved
shibunabeel
(Querist)
07 September 2008
I paid Mr.Das by cheque Rs. i,20,000/-
He repaid the money as cash in 2008, Rs.15,000/- each was given in 8 instalments.
Does the amount thus obtained(15,000*8=1,20,000)will be considered as my income in this financial year?,
Does the case attract section 269SS of IT Act?,
Is it necessary for me to recieve the amount only through cheque from him?.
This doubt has arised while reading the exception to SEC 269SS that it is not applicable in case of persons having only non taxable agricultural income.
He repaid the money as cash in 2008, Rs.15,000/- each was given in 8 instalments.
Does the amount thus obtained(15,000*8=1,20,000)will be considered as my income in this financial year?,
Does the case attract section 269SS of IT Act?,
Is it necessary for me to recieve the amount only through cheque from him?.
This doubt has arised while reading the exception to SEC 269SS that it is not applicable in case of persons having only non taxable agricultural income.
07 September 2008
On the facts given above the questions are answered as follows:-
1.The amount received back by you is not your income.
2.No, because you have not taken or accepted loan.
3.No
N.B:- Mr. Das will be penalised u/s 271E in this case since he repays the loan in cash.
1.The amount received back by you is not your income.
2.No, because you have not taken or accepted loan.
3.No
N.B:- Mr. Das will be penalised u/s 271E in this case since he repays the loan in cash.
CA. O.P. Agarwalla
(Expert)
20 April 2010
YES MR CHAKRAPANI IS RIGHT. IN THIS CASE SECTION 269 SS NOT VIOLATED.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- Oct 2025 Invoices
- Import of Software Service.
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- GST on Renting godown to KFCSC for Storage of Raagi
- TAX AUDIT ON PROFESSIONAL INCOME
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
