Dear Everyone,
Please reply me soon as a former partnet fild a case on the remaining partner and in judgment, the judge say that a payment to the partner in cash not not be made in excess of Rs. 50,000/-. kindly let me know the section so that i can file appeal against the order.
Also let me know that whether contribution by a partner in partnership firm is a loan or deposit in the firm and the same is governed u/s 269SS or 269T of the Income Tax Act and whether the partner can bring or withdrew his capital in cash or not.
and if not then to what extent the partner may withdrew in cash?
CAclubindia
