24 February 2012
Dear Sir, We are a Pvt. Ltd. Co. & having Op. Bal. unsecured loan. Can we repay these O/s loan in cash for ex. if O/s of A is Rs. 75k we can pay Rs. 15k in a day & in 5 days the A/c will be knock-off, similarly if B's O/s is Rs. 2 Lacs we can repay in cash the loan amt. in 12-13 days. My Q. is can we do so as i mention above & it will not create any problem in Tax audit. PLS EXPLAIN YOUR EXPERT OPENION IN TH MATTER Thanks: Rahul
Guest
Guest
(Expert)
27 February 2012
This will purely depend on the skepticism of Auditor & the skill & knowledge of AO at time of assessment.
CAclubindia
