TaxTMI 
TaxTMI 
Unsecured loan
X X X X Extracts X X X X
X X X X Extracts X X X X
....nsecured loan<br> Query (Issue) Started By: - s k Dated:- 15-9-2008 Last Reply Date:- 29-9-2008 Income Tax<br>Got 2 Replies<br>Income Tax<br>One Mr A has advanced an Unsecured loan of Rs 7.00 Lacs to ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....M/s XYZ, a prop firm owned by the father of A in the FY 2005-06. In the FY 2006-07, the firm XYZ has repaid 4.5 Lacs and again took 2.00 Lacs from Mr A. However in the personal IT return of Mr A, thes....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e entries are not reflected due to omission on the part of Mr A? What is the remedy available to Mr A? Reply By Surender Gupta: The Reply: I think this issue can not be answered after reading the fa....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cts stated by you. You have to see many things. What you have presented in the balance sheet, whether you have paid tax on interest or not, whether the provisions of section 269SS and 269T have been c....
X X X X Extracts X X X X
X X X X Extracts X X X X
....omplied with, when the return was filed etc. etc. Reply By DEV KUMAR KOTHARI: The Reply: As stated by you, there was omission of entries. The mistake of omission can be a bonafide / clerical type mis....
X X X X Extracts X X X X
X X X X Extracts X X X X
....take. It can be rectified by filing revised P & l account ( if required to account for interest, if any), balance sheet to rectify mistakes, and in case of need revised return also to disclose income,....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... if any which remained undisclosed. Such income can also be disclosed in subsequent year, if circumstances so require.<br> Discussion Forum - Knowledge Sharing ....