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Saturday 25 August 2012

269SS,269T not applicable to book entry


Acceptance or repayment through journal entry do not attract section 269SS or 269T: Acceptance 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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