Create your answer end up being exact same whether your contractor we.elizabeth. Mr. Z places currency with Mr.X hence money is reimbursed from the Mr. X to your towards the expiration from promise months?
At that point of your energy, the newest Movie director out-of his or her own money, transferred the sum of regarding the savings account of appellant company
ANS: Retentions out of contractor’sbills once the ‘Security Deposit’–if or not deposit According to Para 39(c)off As-7 Build Contracts aforementioned wide variety just like the retentions.Ergo, this is not really proper to call these types of security places. He’s retentions.So, withholding number out-of contractor’sbills and you may introducing him or her just after promise months does not desire clause 29(a) and/or term 29(d) regarding Form 3CD. Because money is perhaps not “received”.
Yet not, if the company deposits currency that have assessee hence money is reimbursed because of the assessee so you’re able to him toward expiration out of warranty months – term 29(a) and/or 31(b) tend to lured as matter is actually received.
Q.Mr. Mohan, Lover in the Meters/s GSM & Partners contributed to the business if you don’t than simply by the cheque. Whether Mr. Mohan normally donate to the company or even than simply by the cheque?
ANS: Fees or bill regarding add up to partners: In the event that someone brings up financial support when you look at the money in the organization or withdraws an equivalent for the song from Rs 20,100000 or in excess of Rs 20,one hundred thousand, next Arrangements out-of section 269SS or 269T shall not be drawn since the introduction of investment otherwise withdrawal from organization can not be known as money or places. Amount paid down from the company so you can people or the other way around payment so you’re able to thinking and won’t grab the character away from loan otherwise places as a whole rules. Provisions off part 269SS are not applicable to help you such as https://perfectloans24.com/payday-loans-ia/bettendorf/ affairs (CIT v. Lokhpat Motion picture Exchange (Cinema) 304 ITR 172 (Raj.) Shrepak Organizations compared to. Dy. CIT 64 ITD three hundred (Ahd – Trib) 82 TTJ 549.
Q.Mr. Ramesh & Co. acquired financing vide cheque that’s Crossed yet not an Membership Payee cheque. Could there be any punishment u/s 271D?
Whether or not a significant difference is present ranging from entered and you may restrict payeehair-breaking about this is not warranted at the least inside the area 269SS/269T context it is thus rationalized inside area 40 A good(3) contex.
Q. Wether head deposit of cash inside the directly stored business’s savings account by manager are loan otherwise deposit not as much as area 269SS?
When you look at the Mangala Builders Pvt. Ltd. against. Addl CIT [ITA Nos. 1900 & 1901/Bang/2004-acquisition dated 17-4-2006], this matter is felt of the ITAT. Brand new Tribunal stored you to definitely whilst the appellant-business and its particular Administrators are a couple of additional judge organizations, this new appellant try a directly kept team whose circumstances was addressed of the Administrators. Whilst was lacking funds and also to note that cheques granted by it was removed, they needed to continue enough harmony during the Lender.
Ans: When lead deposit of money is established when you look at the directly stored company’sbank account there would be zero contravention out of part 269SS
Even when this is certainly thought to be choosing the sum of the away from Director, it cannot be considered once the providing financing otherwise acknowledging this new dumps within the real experience(toward purposes of part 269SS). The newest appellant, getting closely stored company additionally the factors becoming treated because of the Movie director, in most cases, he’s you to definitely while the same.
This new Bangalore Table away from ITAT in the Sri Renukeswara Grain Mills compared to. ITO(93 ITD 263) got kept relating to part 40A(3) you to in which the repayments are created if not than just because of the account payee cheque in direct the lending company membership of your payee, it suits to the intention of the nation’s lawmakers with no disallowance can be produced below section 40A(3). Applying the exact same principle, it may be opined whenever head deposit of money was built in (closely stored) businesses checking account there would be zero contravention out-of area 269SS.