Cc whether current licbilities or secured loan

hdshardik (Querist) 19 October 2014 This query is : Resolved
i have taken a cash credit facility from the natinalised bank against current stock and collateral security is the my small business premises . whether it is in the called as current liabilities or as a secured loan from income tax point of view . in my books i have shown as Current liabilities

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K.K.Ganguly (Expert) 20 October 2014
This is secured loan

Dr J C Vashista (Expert) 20 October 2014
I fully agree with the expert advise of Sh. K K Ganguly, it is secured loan.

T. Kalaiselvan, Advocate (Expert) 21 October 2014
Agreed with experts, it will be treated as secured loan as IT rules.

malipeddi jaggarao (Expert) 25 October 2014
In your books you have shown rightly as current liability. All cash credits, overdrafts, demand loans are current liabilities. All Term Loans are to be shown as term liabilities in your books and balance sheet.