A man is a partner in 2 firms. He withdraws cash from one firm through drawings and introduces capital in the other firm in cash. The drawings are done several times in a year, not a single event. The capital introduction in the second firm is also done several times in the year. All transactions are less than Rs. 2,00,000.
Is Section 269ST attracted?
Will the second firm where capital has been introduced be penalised for accpeting cash from its partner more than Rs. 2,00,000 although it received cash on several dates and all transactions were less than Rs. 2,00,000?
Will capital contribution be considered "a single event" even though done on different dates in the year?
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