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Income Tax - Highlights / Catch Notes

Home Highlights January 2022 Year 2022 This

Addition u/s 68 - unexplained Cash Credit - Though the ...

Income Tax

January 31, 2022

Addition u/s 68 - unexplained Cash Credit - Though the transactions of the loan received by the assessee are not free from any doubt but in either of the case, once repayment of the loan has been established based on the documentary evidence, the credit entries cannot be looked into isolation after ignoring the debit entries despite the debit entries were carried out in the later years. - CIT(A) rightly deleted the addition - AT

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