Dear Sir,
Mr A and Mr B are partners in a firm.. Mr A is short of Rs . 3,00,000 cash in his individual account. And Mr.B is surplus of cash. If Mr.A takes cash directly from Mr. B of Rs.3,00,000, it will attract sec 269ss & t.
Now, If Mr.B gives cash to partnership firm, it is out of scope of sec 269 ss & t. If the same cash is taken by Mr. A from partnership firm to meet his shortfall, is it allowed?
I mean, will it attract sec 269 ss & t, because it is an indirect way of routing cash through Partnership Firm..
CAclubindia
