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?