Unexplained peak cash loan - interest expenses on the money ...
Income Tax
February 8, 2022
Unexplained peak cash loan - interest expenses on the money borrowed in cash - it is a fact on record that the impugned amount of interest as well as the amount of loan computed by the AO based on such interest, was not recorded in the regular books of accounts. Therefore, in our considered view the impugned amount of loan not recorded in the regular books of accounts cannot attract the provisions of section 68 of the Act. - AT
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