applicability of Sec 269SS for rental lease/advance, Income Tax

[MOHAMED YACOOB SHARIFF]

Sir,

One of my client NRI, has let out his property for lease on receipt of Rs,500000/- in cash, now the assessing officer ask, you he has accepted the cash, and for this he says, the provisions of sec 269SS will apply, is it correct?

pl clarify with any recent case law, to give the reply and penalty

Posts / Replies

[Rama Krishana]

The AO may be right as long as you say that amount of ₹ 5,00,000/- is refundable after 3 years or on expiry of lease, as the case may be.

It is your stand which will be the base of the final order. What is the nature of amount is question of facts and examination.

If you have got any view, please share with me.