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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
