Violation Of U/S 269ss And U /S 269st


Anonymous
watch_later 2 months ago

Sir,

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.

 

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2 Answers

Mukesh Jain S watch_later 1 week, 1 day ago
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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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Suresh Paramasivam watch_later 1 month, 4 weeks ago
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Hello Sir,

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

Suresh Paramasivam

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