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Q. > Please Help: income tax
MR. X PAID IN CASH RS. 50.00 LACS. TO MR. Y. FOR PURCHASE OF THEIR 5 DUMPERS AS ADVANCE. DUE TO SOME PROBLEM FOR TRANSFER OF NAME THE AGREEMENT COULD NOT EXECUTE AND MR. Y RETURNED ALL MONEY WITHOUT INTEREST TO MR. X. BOTH THE FIRM WAS AUDITED CASE. I WANT TO KNOW THAT WHETHER THIS TRANSACTION ARE COVERED UNDER 269SS AND 269TT OR NOT AND ALSO WANT TO KNOW THAT WHAT IS THE CBDT CIRCULAR REGARDING THIS TRANSACTION.
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Comments
Adil Malik
30-Aug-2014 , 12:41:22 pmAdvance cash paid for purchase of Capital assets is not covered u/s 40A (3) . However the section 269SS / 269TT will not apply for advance received / repayment towards the purchase of capital assets.