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Cash transfer or not

This query is : Resolved 
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(Querist)
14 July 2013 Dear All,
Can Sole proprietor cash amount Rs. 25 lac transfer to one sole concern to another sole proprietor concern.

in this case sec. 40(a ) 3 apply or not.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
14 July 2013 40A(3) is not applicable.
.
If you are the proprietor of both the concern , it can be transferred.
.
Not only you, if any Proprietor having two concerns, X & Y, he can freely transfer funds from X to Y or Y to X.
.
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
14 July 2013
Please beware with section 269SS & 269T
These transactions may pose penalties
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