Check from Cash credit account

This query is : Resolved

Mohammadaswak Aljiwala (Querist)
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01 March 2022 Hello sir,
I get the cheque from my friend amount 2 lakh rupees from his business cash credit account for his entry settlement. And he want that money back after 2-3 days through my saving account cheque. should i deposit his cheque in my saving account in bank ? Please advice. is there any penalty in income tax like this kind of transaction.?
i shall appreciate if you could help me regarding above mention transaction.

Thanks.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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02 March 2022 It seems your friend wants to utilize the sanctioned business loan for any other purpose. If he gets in trouble during cross verification, you may also get involved. Better to avoid any such hawala transactions.