269 t of it act
This query is : Resolved
21 September 2015
Is loan taken from A set off against the goods sold to A (from whom loan was taken) is contravention of sec 269T if loan amt outstanding was exceeding Rs. 20000/-
That is cancelling of loan by way of entry as
Loan from A
to Debtor A
21 September 2015
It is NOT the contravention. You can do so. Report this transaction in tax audit report, if you are liable for the tax audit.
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