Section 269ss & section 269st
This query is : Resolved
Nisarg Mehta
(Querist)
21 December 2018
If a Builder received Advance money for Immovable property (lets say a Flat) in cash Rs.2,50,000 from a Prospected buyer in a day, which penalty will be levied ? 271D(for 269SS) or 271DA(269ST) or both???
CA. Vivek Chiraniya
(Expert)
21 December 2018
Section 269SS applicable for receiving and 269T for repayment.
Nisarg Mehta
(Querist)
02 January 2019
as the assessee is receiving cash above rs.2 lakh for a single transaction in a day, provisions of section 269ST would also apply..there is violation of both the sections 269SS and 269ST. then which penalty department can levy?
Nilesh Gami
(Expert)
08 February 2019
penalties under both sections can be levied by AO u/s 269ss and 269st
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