Sec 40a(3)
This query is : Resolved
12 August 2011
Dear Expert,
Partner introduced cash of rs 500000/- in the business as capital contribution.
is it allowed or will attract 269SS.
Plz guide
Partner introduced cash of rs 500000/- in the business as capital contribution.
is it allowed or will attract 269SS.
Plz guide
12 August 2011
269SS talks only about loan or deposit.
It does not talks about capital contribution, so it will not be covered in 269SS.
But if the AO wants then he can still ask the partner to show the source of these 5 lakhs.
It does not talks about capital contribution, so it will not be covered in 269SS.
But if the AO wants then he can still ask the partner to show the source of these 5 lakhs.
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