A ltd is the Company
It has receivable of Rs.10 lakhs from Mr.B. AND
It has payable to Mr.C of Rs.10 lakhs
Can it pass an entry:
Mr.C account debit
To Mr.B account ????
does 269T and 271E get attracted?
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269T and 271E
Replies (4)
no .. unless the transaction evidenced by cash mode
but 269T does not use the word cash at all. it only says it should not be done in any mode other than electronic clearing system or bank right?
Acceptance or repayment through Journal entry do not attract section 269SS or 269T:Acceptence or repayment through Journal Entry would not come within the ambit of the words ‘loans or deposits’-section 269SS applies only where money passes from one person to another by way of ‘loan or deposit’[CIT v. Noida Toll Bridge Co. Ltd. 262 ITR 260 (Del.)]
thanks poltu ghosh
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