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QUERY: If an invoice of Rs. 5,00,000/- of jewellery is adjusted by exchange of old gold worth of Rs. 3,00,000/- and balance Rs. 2,00,000/- is paid off in cash is hit by section 269ST?
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The object for introducing this provision has been explained in the Memorandum Explaining the Provisions relating to Direct Taxes. The Memorandum states that in India, the quantum of domestic black money is huge which adversely affects the revenue of the Government creating resource crunch for its various welfare programmes. Black money is generally transacted in cash and large amount of unaccounted wealth is stored and used in form of cash.