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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Addition u/s 68 - loans from relatives through banking channel - ...

Income Tax

August 16, 2019

Addition u/s 68 - loans from relatives through banking channel - it is also not in dispute that cash deposits were made in the bank account of the creditor just before advancing the loan and no explanation was forthcoming before the authorities below - the onus of proving the source of a sum of money found to have been received by the assessee is on him and if he disputes the liability for tax - addition sustained

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