Sec. 269ss
This query is : Resolved
18 August 2011
DEAR EXPERT,
There are two partnership firms managed by same partners.
One firm made payment to other firm as loans and advances in cash of rs 2500000/-.
will it attract section 269SS.
There are two partnership firms managed by same partners.
One firm made payment to other firm as loans and advances in cash of rs 2500000/-.
will it attract section 269SS.
CA Navin Jain
(Expert)
18 August 2011
yes, sec 269SS is applicable
18 August 2011
Current account between sister concerns are not excluded from the definition of deposits. Therefore, section 269SS attracts.
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