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Cash transfer

Maxim Micheal Fernandes (Managing Partner) (87 Points)

26 August 2011  

One of Our Client is having business in his individual name as well as as a partner. He is transfering Cash from Firm to his proprietory concern. (For the FY 2010-11 it is 12000000). Whether this transaction is allowable as per Income Tax Act?

 

If any problems are there, under which section of Income Tax?

 


 2 Replies

U S Sharma (glidor@gmail.com) (21031 Points)
Replied 26 August 2011

under audit of firm it will get objected and file may face investigation 

SUHAS MITRA (ARTICLE ASSITANT) (54 Points)
Replied 28 August 2011

THIS IS THE CASE WHERE ASSESSEE VOLUNTARILY TRANSFERS INCOME WHICH IS TAXABLE UNDER HANDS OF ORIGINAL RECEIVER OF SUCH INCOME i.e THE FIRM


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