Section 269SS Restricting Cash Transaction not applicable to Capital contributed by Partner in Partnership Firm: ITAT
Reading Time: 2 minutesIn the appeal no ITA 162/KOL/2017 ITO vs. M/s. Dayamayee Marble & Granite, the Income Tax Appellate Tribunal (ITAT) Kolkata Bench, cancelling the penalty held that the capital contributed in Cash Transaction by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS of the Income Tax Act,
Read More