09 March 2009
i have given cash loans to my supplier totalling rs.300,000 .in instalments of 30,000 ; 100,000 ;100,000; 70,000. later on from same supplier i purchased one machinery item costing 3.5 lakhs . can i adjust cash loans against purchase from same party ?
13 March 2009
sec40A(3) and rule 6DD are applicable only for deductions under sec 30 to 37. giving loan in cash is not covered under the above sections .
CAclubindia
