Section 297
This query is : Resolved
30 May 2012
Please let me know the penalty in case of non compliance of Section 297 in this particular case as mentioned below if any:
X,Y & Z are director in XYZ Ltd as well as in ABC ltd.
(1)If XYZ Ltd had purchased some goods from ABC Ltd on credit on regular basis & make payment through cash & cheque at the prevalling market rates.
(2)If XYZ Ltd had purchased some goods from ABC Ltd on credit on regular basis & make payment through cash & cheque at the prevalling market prices. The amount of contract is of Rs. 3 crores approx.
Please refer some cases for ready reference
Waiting for your early response.
Thanx
Regards
Shyam Gupta
X,Y & Z are director in XYZ Ltd as well as in ABC ltd.
(1)If XYZ Ltd had purchased some goods from ABC Ltd on credit on regular basis & make payment through cash & cheque at the prevalling market rates.
(2)If XYZ Ltd had purchased some goods from ABC Ltd on credit on regular basis & make payment through cash & cheque at the prevalling market prices. The amount of contract is of Rs. 3 crores approx.
Please refer some cases for ready reference
Waiting for your early response.
Thanx
Regards
Shyam Gupta
30 May 2012
According to me compliance of section 297 is not required for transactions between two public companies. Please read sub-section 3 of section 297, where "public company" is not mentioned.
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
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- Eway bill generation from place other than registeted
- 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
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- 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
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
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
