Warm greetings to all the members,
A Public Limited Company is engaged in Online Trading of Gold, wherein any customer may come and book a certain quantity of gold for certain period, and accordingly the price for the booked quantity of gold would be determined, which would be the rate applicable on the booking date.
The Customer would be required to pay the booking amount in several installments as per the terms of tenure chosen by him/her. After the tenure, the scheme would get matured and the customer would receive the booked quantity of gold irrespective of the price availing in the market on the maturity date of scheme.
My question is whether the product booking advance collected from customers as installment in cash, would be liable for applicablity of Sec 269ss of Income Tax Act?
CAclubindia
