Cash deposits in firm account

Guddi (employee) (769 Points)

24 September 2020  

hello everyone

can cash deposited by partners in current account of partnership firm account be attributed as capital of partners. Total deposit on a single day is around Rs. 14 lacs. Likewise there are few more instances of cash deposits more than 2 lacs on single day by partners. Will this go for qualification in tax audit report?

kindly clarify