If 50000 Advance Received in cash from Debtors for the sale of goods then 269SS is applicable?
Menu
269ss and 269t
Replies (2)
Section 269SS not be applicable in your caase.
SINCE SECTION 269SS PROVIDES FOR THE MODE OF TAKING OR ACCEPTING CERTAIN LOANS AND DEPOSITS.
Also cover transaction in immovable property.
Advance received for sale of goods paid in cash amounts to voilation of S.269SS
Honarable Allahabad High court says in the case of Chaubhey overseas corporation Vs CIT(2008) 303 ITR 9.Trade deposit included in the definition of deposit
Recent Topic
- ITR-2 : cash income that does not fall under any h
- Debit note issued to supplier
- Ca pratik takkar imp list
- TDS EXECESS AMOUNT ADJUSTMENT
- What's the ONE thing about GSTR-2B / IMS reconcili
- Is GST Registration Mandatory for Freelancers in I
- ITR TO FILE
- Shift of Place of Business from one state to anoth
- Form 10E u/s. 89(1). Need clarification because Ex
- Long Term Capital Loss - Tata Capital unlisted sha
Related Topics
CAclubindia
