Manage the address become exact same when your specialist we.elizabeth. Mr. Z deposits currency that have Mr.X and therefore cash is refunded because of the Mr. X to him into the expiration from promise period?
At that point of your time, the fresh new Director out of his personal loans, placed the sum of from the family savings of your appellant team
ANS: Retentions from contractor’sbills once the ‘Protection Deposit’–whether put According to Para poder 39(c)off As-eight Construction Contracts aforesaid number because the retentions.Thus, this is not very best to-name these types of safety places. He could be retentions.Therefore, withholding amounts out-of contractor’sbills and you may opening him or her shortly after promise several months does not interest clause 29(a) and/or condition 31(d) out of Function 3CD. Since money is not “received”.
But not, if the specialist deposits currency having assessee which money is reimbursed because of the assessee in order to your with the expiry out of assurance months – condition 29(a) and/or 29(b) usually lured once the amount is obtained.
Q.Mr. Mohan, Spouse in the Yards/s GSM & Partners resulted in the business or even than just from the cheque. Whether or not Mr. Mohan is also sign up to the company or even than from the cheque?
ANS: Repayment or bill regarding amount to lovers: In the event the a partner raises financial support in the money in the organization or withdraws an equivalent on song out-of Rs 20,one hundred thousand or in more than Rs 20,100000, up coming Terms from point 269SS or 269T will never be attracted because introduction of resource or withdrawal off business can not be called as money otherwise places. Matter repaid because of the enterprise in order to partners or vice versa commission to thinking and does not grab the profile out-of mortgage or dumps as a whole law. Provisions of area 269SS are not appropriate to help you such items (CIT v. Lokhpat Motion picture Change (Cinema) 304 ITR 172 (Raj.) Shrepak People compared to. Dy. CIT 64 ITD 300 (Ahd – Trib) 82 TTJ 549.
Q.Mr. Ramesh & Co. received financing vide cheque that’s Entered yet not a keen Membership Payee cheque. Is there people punishment u/s 271D?
Even though a significant difference is available anywhere between entered and you may counter payeehair-splitting about this is not warranted at least from inside the point 269SS/269T perspective but is so justified for the area 40 A beneficial(3) contex.
Q. Wether head deposit of money for the directly kept company’s savings account by the director try loan or put under section 269SS?
During the Mangala Developers Pvt. Ltd. versus. Addl CIT [ITA Nos. 1900 & 1901/Bang/2004-order dated 17-4-2006], this dilemma is actually experienced from the ITAT. The new Tribunal stored payday loans Trenton you to although the appellant-providers as well as Administrators are a couple of additional judge agencies, the latest appellant is a closely held providers whose products is actually addressed from the Administrators. As it are short of funds also to observe that cheques provided by it are cleaned, it had to continue adequate balance inside Bank.
Ans: Whenever direct put of money is made during the directly kept company’sbank account there would be no contravention from section 269SS
Regardless of if this is certainly thought to be getting the sum of the away from Movie director, it cannot be considered since the bringing financing otherwise accepting the brand new dumps in real sense(into purposes of area 269SS). This new appellant, are closely held business while the factors becoming treated because of the Manager, most of the time, he is one and also the same.
Brand new Bangalore Table off ITAT from inside the Sri Renukeswara Rice Mills vs. ITO(93 ITD 263) had kept in the context of area 40A(3) one to in which the money manufactured or even than simply of the account payee cheque directly in the financial institution membership of your own payee, it fits on aim of our elected representatives without disallowance can be produced below section 40A(3). Applying the exact same principle, it may be opined when lead put of cash is produced in (directly kept) organization’s savings account there would be no contravention away from section 269SS.