Easy Office
Easy Office

269ss

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
29 November 2010 In case of a firm which is not subject to audit whether amt recd as loan or paid as loan repayment in cash is wrong.

eg "A" is a propertership in which she has accepted some loan from her relatives in cash (but less than Rs. 20000/-) on 1/4/08 & then again on 19/5/08 (but less than Rs. 20000/-) then made repayment on 15/6/08 in cash amting to rs 15000/-.Is the party violating any provision of income tax act.thisloan is for the purpose of business
Profile Image

CA.Madhusudan B.P.

Profile Image

CA.Madhusudan B.P. (Expert)
29 November 2010 The provisions of Sec 269 SS & T would not be applicable as the assessee is not covered U/s 44AB, i,e Tax Audit.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links