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Sec. 269ss

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(Querist)
18 August 2011 DEAR EXPERT,

There are two partnership firms managed by same partners.


One firm made payment to other firm as loans and advances in cash of rs 2500000/-.

will it attract section 269SS.
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CA Navin Jain

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CA Navin Jain (Expert)
18 August 2011 yes, sec 269SS is applicable
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 August 2011 Current account between sister concerns are not excluded from the definition of deposits. Therefore, section 269SS attracts.
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