Capital Payment to Partner
This query is : Resolved
06 September 2024
PARTNER CAN WITHDRAW CASH FROM FIRM AS A CAPITAL UPTO 2 LAKH DURING THE YEAR OR IS THEIR ANY RESTRICTION ON THAT REGARDING 269SS/269T???
06 September 2024
No, Ahmedabad Income Tax Appellate Tribunal in the Case of ITO, Ward 2(1) vs. Universal Associates, 2011-TIOL-498-ITAT-AHM, states partners capital is neither a loan nor a deposit.
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