Set off against unsecured loan
This query is : Resolved
01 March 2012
My balance sheet shows Rs. 1,00,000/- as Unsecured Loan from ABC. Balance Sheet also shows Plant & Machinery of Rs. 5,00,000/-.
Can i sale one Machine having WDV of Rs. 1,05,000/- to ABC and square up the Loan amount against such sale price? Is there any penalty u/s 296ss/st?
Can i sale one Machine having WDV of Rs. 1,05,000/- to ABC and square up the Loan amount against such sale price? Is there any penalty u/s 296ss/st?
01 March 2012
u can make that square but with only value of 100000 not 105000. means u can reduce value rs.100000 from block of assets.it is not peanalise u/s 296ss.
02 March 2012
Thanks a lot for prompt reply
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