Section 269 ss & t
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 June 2013
Dear Sir,
One of our client is partnership firm. Out of all partner 3 partner have retired from firm from 1st of april 2012. There is capital treated as loan.
Now we have made payment during the year.
Weather we have to take same under loan schedule for audit report u/s 269 SS or 269 T ?
Thanking you in advance.
One of our client is partnership firm. Out of all partner 3 partner have retired from firm from 1st of april 2012. There is capital treated as loan.
Now we have made payment during the year.
Weather we have to take same under loan schedule for audit report u/s 269 SS or 269 T ?
Thanking you in advance.
19 June 2013
Yes, you have to consider the transactions as loan transactions. Further, in reference to such accounts you may write a note below the annexures in your Audit Report.
Message likes :
2 times
20 June 2013
Balance in capital account is transferred to loan account by way of a journal
entry. Acceptance through Journal entry do not attract section 269SS.
Citation:- CIT v. Noida Toll Bridge Co. Ltd. 262 ITR 260 (Del.)
Amount paid by firm to partners or vice versa is payment to self and does not partake the character of loan or deposit. Provisions of section 269SS are not applicable to such facts.
Citation:- CIT v. Lokhpat Film Exchange (Cinema) [2008] 304 ITR 172 (Raj).
Balance in capital account is transferred to loan account by way of a journal
entry. Acceptance through Journal entry do not attract section 269SS.
Citation:- CIT v. Noida Toll Bridge Co. Ltd. 262 ITR 260 (Del.)
Amount paid by firm to partners or vice versa is payment to self and does not partake the character of loan or deposit. Provisions of section 269SS are not applicable to such facts.
Citation:- CIT v. Lokhpat Film Exchange (Cinema) [2008] 304 ITR 172 (Raj).
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- Bank details not Visible on Traces Portal
- FCRA 6 E- Intimation
- Same demand raised for original as well as rectification request return
- Sale of property held jointly with a non resident Indian
- TDS ON EMAIL DOMAIN SERVICE BILL
- CAPITAL GAIN BASE ON NOTIFICATION
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- TDS Deducted AY-2013-14 Not Reflected in 26as
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
