income tax

dasd (Querist) 26 May 2011 This query is : Resolved
whether loan can be accepted in kind & repymt also made in kind-pls give me some case laws

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Sadashiv Rupchand Gaikwad (Expert) 09 October 2011
For to prove the correctness please to receive loan from relative by Banker's cheque, via Bank transaction. Avoid in cash of huge transactions.You can make journal entry of Payable if business assets is taken on credit basis.

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