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loan

(Querist) 22 December 2009 This query is : Resolved 


In case of a firm which is not subject to audit whether amt recd as loan or paid as loan repayment in cash is wrong.

eg "A" is a propertership in which she has accepted some loan from her relatives in cash (but less than Rs. 20000/-) on 1/4/08 & then again on 19/5/08 (but less than Rs. 20000/-) then made repayment on 15/6/08 in cash amting to rs 15000/-.Is the party violating any provision of income tax act.thisloan is for the purpose of business
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A V Vishal (Expert) 22 December 2009
No
Raj Kumar Makkad (Expert) 22 December 2009
No vilation has been made in the given facts.
Khaleel Ahmed (Expert) 28 December 2009
No violation.

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