section 269 SS
This query is : Resolved
09 December 2010
Where the assesse have received some amount towards land advance and was not in obligation to return the advance money received, whether the provision of section 269(ss) is applicable or not. Kindly clarify and if there is any case law in par pls refer.
Thank you.
Thank you.
09 December 2010
Hi Vinay,
In my opinion, if the assessee is other than a company, the provisions of section 269SS won't apply in the given case. Since,
The Direct Tax Laws (Amendment) Act, 1987 has amended the definition of “deposit” for the purpose of section 269T of the Income-tax Act.
Under the amended definition, the said term has been defined to mean
“any deposit of money which is repayable after notice or repayable after a period and, in case of a person other than a company, includes deposit of any nature”.
In my opinion, if the assessee is other than a company, the provisions of section 269SS won't apply in the given case. Since,
The Direct Tax Laws (Amendment) Act, 1987 has amended the definition of “deposit” for the purpose of section 269T of the Income-tax Act.
Under the amended definition, the said term has been defined to mean
“any deposit of money which is repayable after notice or repayable after a period and, in case of a person other than a company, includes deposit of any nature”.
09 December 2010
Thank you sir.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Where to show the RCM on Rent paid to unregistered landlord
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Offsetting interest income against derivative trading losses
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Whether still royalty
- 20% OF DEMAND PAYMENT IN APPEAL
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
