Consequences of unsecured loan written back
This query is : Resolved
21 September 2016
Dear Sir,
What are the consequences as per income tax & companies act if my company written back unsecured loan ?
What are the consequences as per income tax & companies act if my company written back unsecured loan ?
22 September 2016
Writing of unsecured loan shall tantamount to contravention of section 269T and therefore shall be liable for penalty.
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