Income tax
This query is : Resolved
manoj jain
(Querist)
17 November 2018
I hv A one querry that one prop.having two firms A &B , A firm having Rs.30lakhs creditors of firm B and in firm B having same as debtors Rs.30Lakhs in the name of A. firm B there is no operation since last 4-5years. But firm A having running business till date.now prop has decided to writte off sundry creditor firm B throgh capital account in firm A. Now is it taxable or not , pls explain with any case ref...thanx in advance for valuable suggestion..
CA R SEETHARAMAN
(Expert)
18 November 2018
It's not taxable as both prop firm belongs to one person. Revenue effect for him is neutral.
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