If 50000 Advance Received in cash from Debtors for the sale of goods then 269SS is applicable?
2 Replies
Rishi Mehta
(Ur friend )
(1533 Points)
Replied 29 December 2017
Section 269SS not be applicable in your caase.
SINCE SECTION 269SS PROVIDES FOR THE MODE OF TAKING OR ACCEPTING CERTAIN LOANS AND DEPOSITS.
Also cover transaction in immovable property.
Vignesh
(Finance executive)
(256 Points)
Replied 29 December 2017
Advance received for sale of goods paid in cash amounts to voilation of S.269SS
Honarable Allahabad High court says in the case of Chaubhey overseas corporation Vs CIT(2008) 303 ITR 9.Trade deposit included in the definition of deposit
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