Unexplained cash credit u/s 68 - the borrowings from NBFC, Bank ...

Borrowings from NBFCs and banks not unexplained cash credit u/s 68; delay dismissal reversed for natural justice.

May 25, 2022

Case Laws Income Tax AT

Unexplained cash credit u/s 68 - the borrowings from NBFC, Bank can not be treated as unexplained cash credit u/s 68 of the Act which was done by the AO simply on the basis of increase in these borrowings as shown in the balance sheet with doing any verification of evidences filed by the assessee. Similarly the First Appellate Authority has dismissed the appeal on hyper technical ground of non-condoning the delay of 13 days which is against the principle of natural justice and fair play. - Additions deleted - AT

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Unexplained cash credit u/s 68 - the borrowings from NBFC, Bank ...

Borrowings from NBFCs and banks not unexplained cash credit u/s 68; delay dismissal reversed for natural justice.

May 25, 2022

Case Laws Income Tax AT

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