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GOLD LOAN FROM BANKS LARGE AMOUNT AND SALE TURNOVER SMALL ACCEPTED

This query is : Resolved 
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(Querist)
19 January 2022 SIR,
It assessee small business turnover rs: 30 lacs yearly. if assessee gold loan from banks rs:8 lacs own name rs:14 lacs loan wife name received and rs:10 lacs amount cash loan paid to relatives and friends.
Question:
1.Assessee sales turnover is low and Gold loans from banks rs:14+8= 22 lacs show in balance sheet accepted in it act.
2.Interest collected from cash debtors accepted in it act.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
19 January 2022 1. Yes, accepted.
2. Yes, provided transacted through banking channel. Declare it for tax assessment.
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