Repayment of unsec. loan - cash
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 February 2012
Dear Sir,
We are a Pvt. Ltd. Co. & having Op. Bal. unsecured loan. Can we repay these O/s loan in cash for ex. if O/s of A is Rs. 75k we can pay Rs. 15k in a day & in 5 days the A/c will be knock-off, similarly if B's O/s is Rs. 2 Lacs we can repay in cash the loan amt. in 12-13 days.
My Q. is can we do so as i mention above & it will not create any problem in Tax audit.
PLS EXPLAIN YOUR EXPERT OPENION IN TH MATTER
Thanks:
Rahul
We are a Pvt. Ltd. Co. & having Op. Bal. unsecured loan. Can we repay these O/s loan in cash for ex. if O/s of A is Rs. 75k we can pay Rs. 15k in a day & in 5 days the A/c will be knock-off, similarly if B's O/s is Rs. 2 Lacs we can repay in cash the loan amt. in 12-13 days.
My Q. is can we do so as i mention above & it will not create any problem in Tax audit.
PLS EXPLAIN YOUR EXPERT OPENION IN TH MATTER
Thanks:
Rahul
Guest
Guest
(Expert)
27 February 2012
This will purely depend on the skepticism of Auditor & the skill & knowledge of AO at time of assessment.
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