Wii propreitor withdrawing cash above 20,000 disallowed?

Stat Audit 1181 views 2 replies

Hi I am an auditing a propreitor ship . There is a propreitor (name) a/c under capital a/c. There are cases where money's above 20000 being deposited to his bank a/c. Will it attract 269SS and 269T of Income Tax Act as he is a propreitor and need not repay ?

Kindly clarify

Replies (2)

It is simple capital introduction or withdrawal if transactions occurred from the business. No need to invoke 269SS and 269T

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