Legal Question in Banking Law in India
can a company issue a bearer cheque to any other company
Asked on 11/02/10, 3:14 am
2 Answers from Attorneys
J. Radhakrishnan
independent Practice
In law there is no prohibition for one company to issue a bearer cheque to another companyl But if it is for payment of a debt, Income tax Act would not allow it as expenditure unless the cheque is issued as an account payee cheque.
Answered on 11/02/10, 3:49 am
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