Capital Contributed by the Partner does not amount to loan or deposit u/s 269SS

Capital contributed by the partner in the partnership firm does not meant for loan or deposit within the meaning of section 269SS of the Income Tax Act. IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : KOLKATA [Before Hon’ble Shri A.T.Varkey, JM & Shri M.Balaganesh, AM ] I.T.A No.162 /Kol/2017 Assessment Year : 2009-10 I.T.O.,…


Cash Deposits should not be assessed U/s. 68 when cheque deposits were accepted as business turnover: ITAT, Hyderabad

There is no reason cash deposits should be assessed U/s. 68 when cheque deposits were accepted as business turnover. We find the reason given by the Ld.CIT(A) in treating the entire amount as turnover is reasonable on the facts of the case. Income Tax Officer, Ward-4, … vs Shaik Zameer, Nellore on 18 May, 2018…