could any one please clarify my doubts regarding a ssertion level

Dear sir,

My client is involved in trading activities. This is the first year of its business and crossed the turnover of Rs. 1 crore. There is a one technical problem. He generally made purchases from 10 to 12 suppliers. His normal billing range is of Rs. 1.5 lacs to 2 lacs. In some cases, due to ignorance of law he has made payment against his purchase from 2 to 3 accounts of different persons. Mease for ex. purchase of Rs. 1.5 lacs against a single bill, he has made payment of Rs. 70000 from his current account, Rs. 40000 from his spouse's account and rs. 40000 from his friend's account. all these payments were made by cheques or RTGS. By this way, he has made payment in total of Rs 7.5 lacs from his spouse's account and around Rs. 9.00 lacs from his friends account. Now my question it, how to show this in books of accounts. As a loan or as a sundry creditors. In this year we would repay this amount by account payee cheques. Please suggest us to avoid scrutiny problems in future years..

Dear sir,

My client has incurred a loss of Rs. 1350000 in Future and option transaction carried on through recognized stock exchange. He has an income from capital gain and normal business of around Rs. 12 lacs. and as per i.i. act if f and o transactions carried on through recognized stock exchange then it would be treated as business income or loss. And if i would consider it as business loss then all other income under different heads would be sett off against it and there would be loss of Rs. 1.5 lacs after set off. In this case do we need to get his accounts audited under sec 44AB..?

Please reply.

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