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Income Tax - Highlights / Catch Notes

Home Highlights April 2022 Year 2022 This

Addition u/s 68 - unexplained credits - The provisions of ...

Income Tax

April 2, 2022

Addition u/s 68 - unexplained credits - The provisions of Section 68 of the Act are attracted in case of unexplained credits during the relevant previous year. Since the outstanding loan/liability pertaining to BMPL and pertaining to SSL represent credits of earlier years, provisions of Section 68 would not be attracted in the facts and circumstances of the present case. - AT

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