Tax audit (269 ss)
In Tax Audit do we need to report the details of person/company from whom loan was taken in spite of the the fact that such loan was taken by Account Payee cheque or it can should shown as nil.
Replies (2)
Yes. If loan taken/repayment above rs. 20000 in a year then we have to report in tax audit report as per 269SS/T
But my principal is of the contention that it need not be shown since the amount was transacted by account payee cheque.
Can you provide me with any proof that such things need to be shown even if the amount is transacted through cheque.
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