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Income tax

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(Querist)
05 May 2012 if partners drawings during the year>capital contribution during the year then whether there is any violation under IT act /Partnership act?at the end of the year there balance is cr?

Whether Capital-Dr balance at a particular point of time in a year violate any law.
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CA BIREN SHAH

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CA BIREN SHAH (Expert)
06 May 2012 i think it is not violation of any law....
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CA PARTH SHAH

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CA PARTH SHAH (Expert)
07 May 2012 THERE IS NO VIOLATION AS PER INCOME TAX ACT.
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