accounting & income tax purpose
This query is : Resolved
10 September 2008
if creditors ask me balance bill due cash deposit my C.B.S A/C.Supose that bill due amount 150000/- & I deposit 120000/- deposit his C.B.S.A/C
1- Accounting entry in the book of purchaser
2- effect in income tax
1- Accounting entry in the book of purchaser
2- effect in income tax
10 September 2008
1 . SUPPLIER DR 1,20,000
to Cash 1.20000
2 all exp of Rs 1,20,000 will be disallowed
to Cash 1.20000
2 all exp of Rs 1,20,000 will be disallowed
16 September 2008
Rs.1,20,000/-will not be disallowed in view of the decision of ITAT Bangalore bench in the case of SRI RENUKESWARA RICE MILLS Vs.ITO (2005) 278 ITR 77.
Rs.1,20,000/-will not be disallowed in view of the decision of ITAT Bangalore bench in the case of SRI RENUKESWARA RICE MILLS Vs.ITO (2005) 278 ITR 77.
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