One partnership firm
one partner Mr.X date: 20.05.2019 capital introduction in cash Rs.2 lacs.
date : 19.06.2019 capital introduction in cash Rs. 3 lacs by Mr.X
Another partner Mr.Y Date :25.07.2019 capital withdraw from partnership firm Rs. 250000/- cash mode.
Above cash transaction violation of u/s 269 St and u/s 269ss.
wherever Section 269ST is applicable, a partner of the firm can take only up to “less than Rs. 2 lakhs” from the firm in cash etc. modes in a single day.
thanks n regards
For the first transaction section 269ST will not be applicable & rest 2 transactions it will be applicable since the amount is exceeding 2 lakh per day.
There is no violation of section 269 SS as it covers only loans & not capital transactions mentioned by you.
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