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Income Tax - Highlights / Catch Notes

Home Highlights June 2023 Year 2023 This

Bogus loans u/s 68 - unsecured loans from the three loan ...

Income Tax

June 13, 2023

Bogus loans u/s 68 - unsecured loans from the three loan creditors and interest on loans - reliance on third party statement - The ITAT upheld the CIT(A)'s order, stating that the assessee had discharged its burden by submitting the requisite information, and the onus lies on the AO to make enquiries. The AO failed to make further enquiries and relied on the statement recorded, which was retracted subsequently. - AT

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