Unexplained cash credit u/s.68 - Mere repayment of the loans ...

Income Tax

December 20, 2023

Unexplained cash credit u/s.68 - Mere repayment of the loans subsequently does not make the original acceptance of loan as genuine. Such an argument is against the language of the provision of section 68 of the act. Criteria of "identity, creditworthiness and genuineness" are to be tested at the time of amount credited in the books of the assessee. All subsequent events are immaterial. - AT

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Unexplained cash credit u/s.68 - Mere repayment of the loans ...

Income Tax

December 20, 2023

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