Addition u/s 68 - unsecured loans received - sole reason for ...
Income Tax
January 13, 2022
Addition u/s 68 - unsecured loans received - sole reason for confirming the addition was low income tax return in the year of issue whereas it was contended that it is not the case for the subsequent years - the assessee discharge the onus, proved the receipt and repayment of the loan received along with the interest and the same is also been brought before the Assessing Officer during the assessment proceedings. Hence, the reasons given by the revenue authorities for treating the loan amount u/s 68 is factually and legally not valid. - AT
View Source
