TMI BlogUnexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of...Unexplained cash credit u/s.68 - double taxation - taxing the source of investment and application of investment both - When an income is taxed / addition is made to taxable income in an earlier year, the assessee may claim that the income arising in subsequent year / subsequent period is sourced out of the income taxed earlier. - The credit is claimed only for the advance shown in the balance sheet that was treated as unexplained credit u/s 68 - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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