one I.t. assess cash loan to debtor balance as on 31.03.2019 Rs.5(five lacs) as per books.
1. Cash receipt from debtor Date: 20.05.2019 Rs.1,90,000/-
2. Cash receipt from debtor Date:19.07.2019 Rs.1,90,000/-
3. Remaining balance cash receipt from debtor Date: 10.11.2019 Rs.1,20,000/- received.
total amount received through on cash mode.
Question:
above transactions violation ofsec 269 St and penality payable.
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Violation of sec 269 st
Replies (1)
This will be hit by Section 269ST as this is considered as continuing transaction and hence One exceeding 2 lakhs Upper limit.
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