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269ss

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(Querist)
14 July 2010 I took advance of Rs.10 lakhs in cash from a party for the purpose of selling an asset. Now the deal is cancelled and I returned back Rs.10 lakhs in cash to party. Can sec.269ss and 269t apply to this transaction? Am I liable to any kind of penalty?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
14 July 2010 Similar query discussed in length here

https://www.caclubindia.com/forum/cash-transaction-91422.asp
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shrinand

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shrinand (Querist)
14 July 2010 but in this case we are not a property dealer.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
14 July 2010 I had said it a similar kind of query.

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