a partnership firm two partners working.one of the partner brought capital by cheque.another partner brought capital by cheque(cash) and fixed assets rs:40,000/-.but assets value rs:40,000/- payment made by partner through cash mode.(40a3 rs:10,000/- limit per day.
question:
partner above mentioned assets value accepted in partnership firm under it act.
Partner had introduced fixed asset from his own funds and not through the funds of partnership business. so disallowance under 40 a 3 won't arise since nothing had gone through the partnership business.
it is immaterial how partner purchased the asset.
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