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Retirement of Partner

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24 December 2008 One partner in a partnership retired and the amount in the form of capital was converted into unsecured loan of the firm.Whether section 269SS is applicable.Kindly clarify
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
25 December 2008 No, 269SS is not applicable as there was cash loan exceeding Rs. 20,000. It is just a transfer entry, no involvement of cash.

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