A Doctor is liable to tax audit,as his income exceeds Rs. 50 lakhs.
He was partner in a partnership firm with some other doctor.He has borrowed Rs. 6 lakhs from the partnership firm in some previous financial year before the year of audit. The said firm was dissolved in period under audit.During dessolution,the loan take by auditee doctor was settled without actual payment through book entry i.e. ginst his receivable from the firm. Whether this transaction will have to be shown in TAR (269T). If yes, how to show to show there, as there are options to show only payments ade by account payee cheque and DD etc.
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