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269SS & 269T

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 May 2011 For accepting deposits/loans more than Rs.20,000 in cash by individual(X) from his HUF (X(HUF))whether provision of sec 269ss and 269T will be attracted and consequently penalty u/s 271D will be leviable?
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CA MANOJ GUPTA

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CA MANOJ GUPTA (Expert)
30 May 2011 FOR INCOME TAX PURPOSES INDL AND HUF ARE SEPARATE TAX ENTITIES HENCE THESE PROVISIONS WILL APPLY

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