Effect of w/b. of advances and w/o. of unsecured loan
This query is : Resolved
19 December 2011
Dear all. I want your precious opinion on effect of write back of loan and advances and write off of unsecured loans in the books of account. I want to know whether it effects on tax liability. If possible give jusdjments regading the same.
Awainting for your reply.
Awainting for your reply.
CA MANOJ GUPTA
(Expert)
19 December 2011
IF LOAN WAS UTILISED FOR CAPITAL PURPOSES THEN THE WRITE BACK AMT IS NOT TAXBLE
IF THE LOAN WAS UTILISED FOR REVENUE PURPOES LIKE WORKING CAPITAL LIMIT THE WRITE BACK AMT TAXAB;LE
SEE MAHINDRA AND MAHINDRA CASE, LOGITRONICS CASE
CA MANOJ GUPTA
JODHPUR
09828510543
IF THE LOAN WAS UTILISED FOR REVENUE PURPOES LIKE WORKING CAPITAL LIMIT THE WRITE BACK AMT TAXAB;LE
SEE MAHINDRA AND MAHINDRA CASE, LOGITRONICS CASE
CA MANOJ GUPTA
JODHPUR
09828510543
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