Applicability of Sec 269SS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2010 A partnership firm engaged in shrof finance business & get licence also.If firm accept Rs 100000 in cash from customer to isssue Demand draft/ cheque and in turn the firm get commission.

querry is whether provision of Sec 269ss of Income tax applicable. pl comment.

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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16 December 2010 Any Amount Received as a Loan/Advance Will Be Treated U/s 269SS.

In UR Case If Amt Received & Not Hold I Mean Immidiatelly Made Draft Then 269SS Not Applicable.