https://www.taxtmi.com/forum/issue?id=5396 Whether a business expense incurred on credit and later settled by the proprietor through a personal cash payment, followed by a book entry debiting the creditor and crediting capital, is allowable raises the question of disallowance for cash payments under the statutory restriction; the advisor indicates the facts appear to fall within the provision's mischief but suggests consideration of a prescribed rule exception that may apply. en-us Sun, 10 Mar 2013 00:59:19 +0530 Thu, 23 Jan 2025 15:57:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=5396 Whether a business expense incurred on credit and later settled by the proprietor through a personal cash payment, followed by a book entry debiting the creditor and crediting capital, is allowable raises the question of disallowance for cash payments under the statutory restriction; the advisor indicates the facts appear to fall within the provision's mischief but suggests consideration of a prescribed rule exception that may apply. Discussion-Forum Income Tax Sun, 10 Mar 2013 00:59:19 +0530 https://www.taxtmi.com/forum/issue?id=5396