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269SS & 269T

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Querist : Anonymous

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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.
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CA. B.SRINIVASULU

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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.
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CA SIDHARTH HIRALAL PATNI

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CA SIDHARTH HIRALAL PATNI (Expert)
11 March 2010 Agree with the expert
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
12 March 2010 Agreed
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