Manager (Audit)
77 Points
Posted on 15 March 2010
The descussion is sound interesting.
There is an other way to convert the negative cash into positive.
In case of Partnership Concern, you can introduce cash by whatever amount through partner's capital a/c. Neither provision of income tax should be attracted in such case.
Taking loan of above rs. 20000 will get attracted the provisions of section 269ss & 269T. Consequently, penalty u/s 271(1) (c) can be levied.
Thanks