Purchase against loan(assets) of previous year.
This query is : Resolved
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CA Pawan Koradia
(Querist)
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.
CA R SEETHARAMAN
(Expert)
15 October 2020
No tax liability on such adjustment.
CA Pawan Koradia
(Querist)
15 October 2020
Thank you very much, Sir.
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