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Income Tax - Highlights / Catch Notes

Home Highlights May 2022 Year 2022 This

Unexplained cash credit - In fact, the loans are taken from ...

Income Tax

May 19, 2022

Unexplained cash credit - In fact, the loans are taken from close family members and friends. It is not a case of the AO that the assessee had taken loans from certain unknown people whose identity is in doubtful. AO is completely erred in making additions towards loan taken from above parties as unexplained credit u/s.68 - CIT(A) after considering relevant facts has rightly deleted the additions made by the AO. - AT

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