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(Querist)
24 November 2011 Partner has invested cash as capital, is there any violation in Income Tax Act?
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Tapas Ruparelia

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Tapas Ruparelia (Expert)
25 November 2011 NO violation!
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H JAILANI

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H JAILANI (Querist)
29 November 2011 Thanks for your reply , in connection with partner investing cash as capital. Is there any case laws in our favour.
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H JAILANI

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H JAILANI (Querist)
29 November 2011 Thanks for your reply , in connection with partner investing cash as capital. Is there any case laws in our favour.
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Tapas Ruparelia

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Tapas Ruparelia (Expert)
29 November 2011 Incometax act disallows payments in cash above rs 20000. Here disallowance is with respect to EXPENDITURE.

Investing capital in a firm in capacity of partner is not an expense. Therefore question of dis-allowance does not arise.

Thus there is no violation and a partner can infuse capital in cash!
Best regards
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H JAILANI

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H JAILANI (Querist)
30 November 2011 Thanks for the information
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