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Repayment of advance given

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(Querist)
27 July 2020 A firm (Agro feed) has given advance of Rs. 1.50 Lac to one party and received cash later on at different dates saying that the party did not delivered the material.
Is it permisssible under the income tax act?
Plz guide .
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Asha Kanta Sharma

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Asha Kanta Sharma (Expert)
09 August 2020 Yes....the limit of 10K should be taken care of when repaying loans....

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