269T and 271E
Suresh Kumar (student) (42 Points)
23 June 2017It 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?
Suresh Kumar (student) (42 Points)
23 June 2017
rama krishnan
(12239 Points)
Replied 24 June 2017
Suresh Kumar
(student)
(42 Points)
Replied 24 June 2017
Poltu Ghosh
(Job)
(1865 Points)
Replied 24 June 2017
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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