Cash received from sister concern

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 August 2011 DEAR EXPERT,

We have three partnership firms managed by same partners, which are engaged in construction activities.

Frequently we borrow cash from sister concern and after some days we pay it in cash exceeding Rs 20000/-.

Will it cover u/s 269SS & 269T?
If not any other section which we should take care of?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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24 August 2011 Every firm is a different person. Attracts 269T as well as 269SS.

Convert all cash transactions through partner's capital accounts in the respective firms.

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