If cheque is issued to a and debited to b - 269ss
This query is : Resolved
16 November 2012
Dear All,
Please advise whether in following case, section 269SS is attracted:
Cheque of Rs. 25000/ issued in name of Mr. A and the amount is debited to Mr. B
Thanking you in advance
Ramesh
Please advise whether in following case, section 269SS is attracted:
Cheque of Rs. 25000/ issued in name of Mr. A and the amount is debited to Mr. B
Thanking you in advance
Ramesh
16 November 2012
NO, 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.)]
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.)]
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