A ltd is the Company
It has receivable of Rs.10 lakhs from Mr.B. AND
It has payable to Mr.C of Rs.10 lakhs
Can it pass an entry:
Mr.C account debit
To Mr.B account ????
does 269T and 271E get attracted?
Acceptance or repayment through Journal entry do not 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.)]
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