Capital Contribution by Partner – Restriction of Cash Transaction is not applicable
Case Law Update
Capital Contributed by the Partner does not amount to loan or deposit u/s 269SS, hence restriction of Cash Transaction is not applicable: ITAT, Kolkata
ITO, Kolkata Vs. M/s Dayamayee Marble & Granite
Date of Pronouncement: 15.05.2018
We find that the capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS of the Act and accordingly the appeal raise by the revenue for sustaining penalty levied on the assessee is dimissed.