My client is a partner in a firm where the firm let out a building and collecting a rent of rs 6000 every month.Partner gave an unsecured loan at the beginning of rs 72000 and at the end of the year the company adjust the rent payable by him against unsecured loan.does the provisions of sec 269SS are applicable? Indeed i come across a provision that provisions of sec 269SS are not applicable to the firm and its partners as firm and partners are same.if the above assertion is right and sec 269SS are not applicable,is there any need to show under report regarding transactions covered under 269SS while filing income tax returns?
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