High Court Confirms Penalty for Treating Contributions as Loans u/s 269SS; Explanation of Future Partnership Rejected.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Contravention of section 269SS – Penalty u/s 271DD – the contribution made by the respective persons was treated as a loan and the explanation that they were to be made partners later was not accepted - penalty confirmed - HC....