Retirement of Partner
This query is : Resolved
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
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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