21 June 2012
In U/S 269SS & 269T,actual payment is not made through cash and through account payee cheque to the party and only routed through Journal entry than whether we have to show that transaction in 3CD report U/S 269SS & 269T?
21 June 2012
There are N no. of cash laws in this regard. one of them I refer here to support ur ans- Acceptance or repayment through Journal entry donot attract section 269SS or 269T: Acceptence or repayment through Journal Entry would not come within the ambit of the words ‘loans or deposits’-section 269SS applies only where money passes from one person to another by way of ‘loan or deposit’[CIT v. Noida Toll Bridge Co. Ltd. 262 ITR 260 (Del.)]
CAclubindia
