Sir, section 269SS, 269ST, 269SU, 269T of the income tax Act, when combindly read , only Loans, deposits, specified sum and specified advance are covered and advances are not covered ie. other than specified sum or specified advance.
My doubt is that my client is running the pvt.ltd company and whenever his unrelated friends who also runs the pvt.ltd companies who asks certain amount towards advance to meet their short term financial crunch, he advances and receives the same back in a couple of weeks or months without any consideration. If such transactions are many, then under which section such advances are covered in the income tax Act. How do I treat them?.
CAclubindia
