Advance money received towards booking of flats/shops/offices, - TopicsExpress



          

Advance money received towards booking of flats/shops/offices, advance simplicitor, not ‘loan’ or ‘deposit’ u/s 269T; Repayment of such advance otherwise than by account payee cheque does not attract penalty u/s 271E; Relies on Madras HC ruling in Rugmini Ram Ragav Spinners P. Ltd; In view of Sec. 273B also, penalty u/s 271E not automatic and to be levied only in absence of reasonable cause : Gujarat HC [MADHAV ENTERPRISE PVT. LTD. 2014 GUJ]
Posted on: Mon, 03 Feb 2014 12:18:52 +0000

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