269SS & 269T
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 March 2010
Firm Started on 01.04.07 with capital of Rs.1,00,000/- due to huge operational expenses firm has taken cash loan from managing partner up to Rs.5,50,000/- Dated on 05.07.2007 (accounted under current account Cr.5,50,000/-)
Please suggest Whether 269SS penalty will applicable or not.
Please suggest Whether 269SS penalty will applicable or not.
CA. B.SRINIVASULU
(Expert)
11 March 2010
Dont show it as a loan. Show the same as additional capital introduced by the managing partner. Then 269SS is not attracted. Only thing interest will be restricted to 12%. If you show as loan then 269SS will be applicable.
11 March 2010
Agree with the expert
12 March 2010
Agreed
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