269st related query

Good after noon all,

 

i have small doubt with regard to following scenario

ABC ltd sold goods to Mr.X and received payments for the same as like below:

Invoice Date Invoice Amount Receipt date Receipt in cash Receipt through Account payee Cheque
01-01-2019 10,00,000 01-01-2019 1,90,000 8,10,000
02-01-2019 10,00,000 02-01-2019 1,90,000 8,10,000
03-01-2019 10,00,000 03-01-2019 1,90,000 8,10,000
04-01-2019 10,00,000 04-01-2019 1,90,000 8,10,000
05-01-2019 10,00,000 05-01-2019 1,90,000 8,10,000
06-01-2019 10,00,000 06-01-2019 1,90,000 8,10,000
07-01-2019 10,00,000 07-01-2019 1,90,000 8,10,000
08-01-2019 10,00,000 08-01-2019 1,90,000 8,10,000
Total     15,20,000 64,80,000

 

Kindly mention whether 269ST will get attaracted for this all transactions ???

if yes, how much penalty under which section ???

 

Thanks in advance

 

Replies (4)
No, non of the above payments exceeds rs 2,00,000 in CASH
SO, section 269ST is not applicable

Once the invoice amount crosses 1,99,999/-, cash payment should not be received.

Penalty = Amount of cash receipt [Sec. 271DA]

No penalty, if such person proves that there were good and sufficient reasons for the contravention.

But what are these ‘good and sufficient reasons’, I cannot comment. Let someone more experienced reply.

269st will not attract
Vamsi krisnan, why is that u have illustrated that example for 7 days and why there should be penalty under any other section. Is there anything specific??

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