Unsecured loan converted into partner's capital

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Hetvi (Querist)
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22 July 2016 Hello everyone..
Whether Sec 269SS or 269T is applicable in following transaction?
Mr. C gives an unsecured loan of Rs. 3,00,000/- in FY 2014-15 to M/s AB a partnership firm. Now from FY 2015-16 Mr. C admitted as 3rd partner in M/s AB firm.
So what is treatment in Tax Audit Report Clause 31(a) or (b) for FY 2015-16 or AY 2016-17.

Sanket

Sanket (Expert)
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22 July 2016 in year 2014-15 sec 269ss and 269t is applicable. however in the next year i.e. 201516 firm has to clerly metion about admission and the loan treatment given by way of notes. wait fore other erperts review.

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Hetvi

Hetvi (Querist)
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25 July 2016 any have other ideas?

Hetvi

Hetvi (Querist)
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27 July 2016 some other suggestions most welcomes..

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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02 August 2025 https://docs.google.com/document/d/1Lo1lnBN8yLwGQzITkdSxshx5v4OJnFHmClSB6BeulbA/edit?usp=sharing

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