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Income Tax - Highlights / Catch Notes

Home Highlights February 2023 Year 2023 This

Unsecured loan u/s 68 - Assessee did not produce the 200 odd ...

Income Tax

February 20, 2023

Unsecured loan u/s 68 - Assessee did not produce the 200 odd farmers from whom the Assessee had borrowed an unsecured loan - factually the ITAT has found the addition to be justified and going by ratio of the aforementioned decision, this Court should not interfere with such factual determination by the ITAT. - HC

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  2. Unexplained credit u/s 68 - unsecured loan from registered NBFC and other companies - revenue failed to prove that loan were bogus - additions deleted.

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