Dear Friends Please clarify me regarding the following query:
Facts:
-A car was purchased in feb 2013 by the client (Mr. x, proprietor of xyz & sons).
-Payment for the car is made by client's daughter directly to the vendor.
-Client recorded car as "asset" and daughter as "unsecured loans" in his books.
-Audit is done & return is already filed in august 13
Question"
1) whether such transaction amount to contravention of sec 269SS & thus liable to penalty u/s 271D .
2) If the answer is affirmative what can be done to avoid penalty.
CAclubindia
