24 December 2019
I have received am interest sum of Rs 3,00,000/- in cash on 10.2.2017 i.e. AY 17-18.... It is neither a loan nor a deposit nor a property advance... The same amount has been declared as profit in my Profit&Loss account and tax has been paid accordingly... Does section 269ss apply...???
26 December 2019
I am on the receipt end.... This interest had been received from a debtor who has been declared before the department during search proceedings. Further PAN details and payment confirmation cannot be made by the payer since it's unaccounted cash. I have made declared the interest received in cash in my books. What is my risk...?
CAclubindia
