as one individual takes an amount of 3,00,000 loan by way of account payee cheque from his friend and credits to his capital account not disclosing it as unsecured loan is there any mistake in this type of treatment ??
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Loan under 269 ss t
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Ya its wrong. It should be disclosed as unsecured loan and not should not trf in cap a/c. Bcoz u have to repay dis liability so u can not write off it.
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