one of the individual business person sundry creditor rs:15,20,310/- (loan) as on dt:31-03-23.if assessess sundry creditor loan received amount previous years for 2013.
question:
assessess loan amount write off any limit period provision applicable in it act.
You can write off the liability, as there is no limit specified in act; but what about the creditors, whether the actual liability ceases?
If yes, you can write off the liability, but IT officer may add the same to your income as per sec. 41(1) of IT act.
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