banner_ad

section 269SS IT Tax

This query is : Resolved 
Profile Image

Profile Image

(Querist)
16 October 2008 Hi Friends
If propriety firm subject to Tax Audit U/s 44AB Borrowed Rs.1000000/- in cash from a Doctor X [Showed Advance in his books]. The said borrowing would attract sec 269SS. In order to avoid it can I show the borrowings as an additions to capital A/c ? without showing the balance in Balance sheet and at the time of payment whether by cash/cheque can I show as drawings?
Profile Image

nilesh gupta

Profile Image

nilesh gupta (Expert)
16 October 2008 no, u can't do this.
but u can show this Rs 10 lac as advance against sale of property & drafting an agreement of sale(if receiver has an capital assets such as immovable property etc. )and on the payment date u can repaid this amount by cancelling the agreements.
Profile Image

Miss Komal Mantri

Profile Image

Miss Komal Mantri (Expert)
16 October 2008 good answer nilesh
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
11 May 2026
AUDIT INTERN

M/S K.K.KHANNA AND COMPANY

Noida

CA Foundation

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details