Purchase against loan(assets) of previous year.
This query is : Resolved
15 October 2020
I had a loan/advances(Assets) of Rs.12,00,000 in the previous year. In the current year, I purchase from that person and set off purchase against that loan. Does it attract any tax liability under the Income Tax Act?
Thanks in advance.
Thanks in advance.
15 October 2020
No tax liability on such adjustment.
15 October 2020
Thank you very much, Sir.
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