Section 185 of new act

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 Hi,

My question is if the company has violated SECTION 185 OF THE NEW act cant the mere reversal of amount from back date be suffice as no details filed yet wid the authorities.

Or any other option available to avoid penalty

Ajay Mishra

Ajay Mishra (Expert)
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12 November 2013 I did not get your query.

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2013 i mean dat it we reverse the amount of loan given to any party u/s 185 can we reverse the amount of loan back to the lender

is doing dis enough..........to comply section 185 or more needs to be done.....if more needs to done to comply 185 den what else should we do....

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Ajay Mishra

Ajay Mishra (Expert)
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12 November 2013 This section does not have any retrospective effect, so no need to do this.