Projected b/s contain good p/r but actual contains high loss
This query is : Resolved
24 August 2016
IF AT THE TIME OF TAKING LOANS (SAY IN MARCH) COMPANY SHOWS PROJECTED BALANCESHEET CONTAINS HUGE PROFITS , BUT WHEN FILED AT ROC IT FILES AUDITED BALANCESHEET WHICH SHOWS BIG LOSSES,NOW BANK IS ASKING HOW CAN THEY TRUST ON PROJECTED BALANCESHEET , HOW IN A SHORT TIME SPAN GOOD FIGURES CONVERTS IN LOSSES . HERE THE INTENTION OF THE COMPANY IS TO DEFRAUD THE BANK AND TO GET THE LOAN THATS WHY THEY SHOWS WRONG FIGURES BUT ACTUALLY THEY SUFFERED LOSSES, NOW WHAT ACTION CAN BANK TAKE AGANST THEM AS THEY HAD ALREADY GAVE THEY LOAN FACILITY?
24 August 2016
They can take action for recovery of the amount besides sue for giving false information to obtain loan.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- Sales return eway bill
- Relief u/s Section 89
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Loan by Partnership Firm
- Tax liability on income of freelancer
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- Specified Profession
- Agriculture income or business income
- TAN for Partnership
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
