Loan from statutory auditor

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Vijay satvara

Vijay satvara (Querist)
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05 August 2016 Dear sir,

Can Partnership firm accept loan from its Statutory auditor?

Amol S Joglekar

Amol S Joglekar (Expert)
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05 August 2016 basically try to understand....there is NO any concept as STATUTORY auditor of FIRM...ok?

it may be a tax auditor...... Legally, there need NOT be any problem for a firm to accept loan from tax auditor... Morally speaking, such a transaction should be avoided.....

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Vijay satvara

Vijay satvara (Querist)
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08 August 2016 yaa, Thanks sir

Sir,I am talking about Tax auditor. but What if Partnership firm has accepted loan Amt of RS. 10,00,000. Is there any Provisions in any act .i.e Companies act or Partnership act?

is it legal or illegal?

Amol S Joglekar

Amol S Joglekar (Expert)
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08 August 2016 I am not too sure what is your IMPRESSION about the similarity between Companies Act & Partnership Act.....
To me both are way apart....
Basically Companies Act deals with COMPANIES.....so even though there is any contrary provision in Companies act about the INDEBTEDNESS of auditor, it has got no relevance for FIRM...ok?

Secondly, the partnership act does not talk anything about AUDITOR.

So now tell me what is your exact difficulty?

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