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Set off against unsecured loan

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(Querist)
01 March 2012 My balance sheet shows Rs. 1,00,000/- as Unsecured Loan from ABC. Balance Sheet also shows Plant & Machinery of Rs. 5,00,000/-.
Can i sale one Machine having WDV of Rs. 1,05,000/- to ABC and square up the Loan amount against such sale price? Is there any penalty u/s 296ss/st?
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CA.rajni kalsariya

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CA.rajni kalsariya (Expert)
01 March 2012 u can make that square but with only value of 100000 not 105000. means u can reduce value rs.100000 from block of assets.it is not peanalise u/s 296ss.
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Alpesh Patel

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Alpesh Patel (Querist)
02 March 2012 Thanks a lot for prompt reply
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