Loans advanced by partner to firm does not fall in the purview of Sec 269SS

Brief Facts of the case: The respondent assessee in all these appeals are partnership firms engaged in the business of banking and registered under the Kerala Money Lending Act. The assessees had filed return of income and the same was accepted in due course. Thereafter, notice under Section 148 of the Act was issued to the respondent-assessees. During the course of the reassessment proceedings, it was it was found that the firm had accepted advances from the partners, during the various years in cash as Total advances made by the partners in 2 financial years to the firm: Rs. 16, 29,09,000. ...