Manage your address getting exact same if for example the specialist we.elizabeth. Mr. Z dumps money having Mr.X and this cash is refunded from the Mr. X so you can your to your expiry regarding assurance months?
At that point of your time, this new Manager of his own finance, placed the sum of in the savings account of the appellant company
ANS: Retentions off contractor’sbills since the ‘Shelter Deposit’–if or not put Depending on Para poder 39(c)out of Since-7 Build Agreements aforesaid quantity due to the fact retentions.Therefore, this is simply not extremely correct https://perfectloans24.com/payday-loans-va/stephens-city/ to name this type of safeguards places. He is retentions.So, withholding numbers of contractor’sbills and you will starting them shortly after assurance months will not notice condition 29(a) and/or clause 31(d) off Mode 3CD. Given that money is maybe not “received”.
not, if the company places currency with assessee and therefore cash is reimbursed by the assessee so you can your on the expiration of assurance months – term 31(a) and/otherwise 29(b) usually lured because matter is obtained.
Q.Mr. Mohan, Spouse for the M/s GSM & Couples contributed to the company or even than just because of the cheque. If or not Mr. Mohan is also subscribe the company if not than of the cheque?
ANS: Installment otherwise receipt out of add up to people: In the event the a partner raises financial support during the cash in the organization or withdraws an identical toward song away from Rs 20,100 or even in overabundance Rs 20,one hundred thousand, next Terms out-of area 269SS or 269T will not be drawn as introduction of money or withdrawal off company cannot be known as financing or places. Matter paid down by corporation in order to couples otherwise vice versa payment in order to care about and does not make character regarding financing or dumps typically laws. Arrangements out of area 269SS commonly appropriate so you can eg situations (CIT v. Lokhpat Film Exchange (Cinema) 304 ITR 172 (Raj.) Shrepak People against. Dy. CIT 64 ITD 3 hundred (Ahd – Trib) 82 TTJ 549.
Q.Mr. Ramesh & Co. gotten financing vide cheque that’s Entered however an Membership Payee cheque. Is there one punishment you/s 271D?
Even if a big difference can be found ranging from entered and you may restrict payeehair-breaking about isn’t warranted no less than in section 269SS/269T framework it is so rationalized from inside the part forty An effective(3) contex.
Q. Wether lead put of cash for the closely stored business’s checking account by movie director try loan otherwise deposit significantly less than section 269SS?
From inside the Mangala Builders Pvt. Ltd. vs. Addl CIT [ITA Nos. 1900 & 1901/Bang/2004-buy dated 17-4-2006], this problem was considered from the ITAT. The latest Tribunal stored you to while the appellant-company and its particular Directors are two additional courtroom entities, new appellant is actually a closely kept team whose situations try treated because of the Directors. Because it are in short supply of finance and to notice that cheques given from it are cleared, it had to continue enough equilibrium during the Financial.
Ans: Whenever head deposit of cash is established into the closely stored company’sbank account there would be zero contravention out of part 269SS
Whether or not this might be considered as getting the sum of of Director, it can’t qualify because the providing that loan otherwise accepting new dumps within its real experience(toward reason for part 269SS). This new appellant, becoming directly stored providers and factors getting addressed because of the Manager, generally speaking, he or she is you to together with same.
The Bangalore Counter out of ITAT into the Sri Renukeswara Grain Mills versus. ITO(93 ITD 263) had held relating to part 40A(3) one the spot where the costs are made or even than just by account payee cheque in direct the bank membership of your own payee, they meets towards aim of the legislature no disallowance can be made not as much as area 40A(3). Using the same principle, it may be opined that when head deposit of money try made in (closely stored) businesses family savings there is zero contravention of point 269SS.