01 February 2013
Can a farmar can purchases Agricultural Equipments with cash payment more than 20000/- will this affect the seller under any section of INCOME TAX like 269SS or 40A(2)
In My Knowledge This should not Affect the the seller position Please Give Your Reply.and it is yes please Quote under which section.
01 February 2013
Advance received against sale of Agriculture Equipment is not in the nature of Loan or deposit, Section 269SS is not violated. . For Cash Adjustment -care should be taken. In genuine cases, amount can be refunded. However, the practice should not be made in general.