Penal provision in it
This query is : Resolved
09 August 2011
we have one pvt ltd company .Please give advice with latest case law.
Suppose Mr. A is Sundry creditor for Expense in our books & we are liable to pay something. Mr B is stand as Unsecured Loan in our books & we are liable to Pay.
If Mr A give me approval for due to him transfer to Me B Account (Cr).
We passed Entry as below.
Amount is Rs 2.5 crore.
Dr Mr.A
Cr Mr.B
have any penal Provision in I T act
Kindly advice with Latest Case Law
Regards
Mitesh
Suppose Mr. A is Sundry creditor for Expense in our books & we are liable to pay something. Mr B is stand as Unsecured Loan in our books & we are liable to Pay.
If Mr A give me approval for due to him transfer to Me B Account (Cr).
We passed Entry as below.
Amount is Rs 2.5 crore.
Dr Mr.A
Cr Mr.B
have any penal Provision in I T act
Kindly advice with Latest Case Law
Regards
Mitesh
09 August 2011
despite of such transaction the nature of credits will stand same as previous,
after the entry the B will stand sundry creditors for expenses for amount of 2.5 cr and would stand as unsecured loans for balance as previous,
you can not change the "sundry creditors for expenses" to "unsecured loans"
i.e the accounting heads can not be changed unless the amount is paid by yourself.
after the entry the B will stand sundry creditors for expenses for amount of 2.5 cr and would stand as unsecured loans for balance as previous,
you can not change the "sundry creditors for expenses" to "unsecured loans"
i.e the accounting heads can not be changed unless the amount is paid by yourself.
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