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Income Tax - Highlights / Catch Notes

Home Highlights March 2020 Year 2020 This

Unexplained cash credit under section 68 - Creditworthiness of ...

Income Tax

March 19, 2020

Unexplained cash credit under section 68 - Creditworthiness of MD cannot be doubted merely on the ground that the assessee failed to furnish the financial statement. As such, MD has declared the income in its income tax return as evident from the preceding paragraph which is running into crores of rupees and there was no defect of whatsoever was pointed out by the authorities below - AT

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