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Verifications of loans

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 October 2013 Can a AO during scrutiny case of asst year
13-14 may inquire about loans taken and
genuiness of loan taken in asst year 11-12 which is brought forward.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
13 October 2013 Yes, During the scrutiny assessment proceedings, the Assessing Officer can ask the assessee to show liability under the head "unsecured loans".
The Assessing Officer can ask the assessee to furnish the details and confirmation letters from the creditors to prove the genuineness of the liability.

Citation: Suburban Industries Ltd vs Assessee on 28 September, 2012
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
13 October 2013 Yes, During the scrutiny assessment proceedings, the Assessing Officer can ask the assessee to show liability under the head "unsecured loans".
The Assessing Officer can ask the assessee to furnish the details and confirmation letters from the creditors to prove the genuineness of the liability.

Citation: Suburban Industries Ltd vs Assessee on 28 September, 2012
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