Repayment of loan by issuing cross cheque
This query is : Resolved
28 November 2022
Suppose X Ltd takes loan from the directors, A by way of cross cheque subsequently the said loan is repaid by way of issue of cross cheque duly issued in favour of third party on behal of Director A. Whether there is an issue from income tax point of view ? kindly advise us These transactions are reported in tax audit of X Ltd.
28 November 2022
No issues if such payment is authorised by the director.
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