Addition of unsecured loan u/s 68 - interest free unsecured loan ...
Income Tax
July 11, 2023
Addition of unsecured loan u/s 68 - interest free unsecured loan received from a close friend in Dubai to fund ongoing project with a condition that amount will be refunded once revenue is generated from the project - As the assessee discharged primary onus with regard to identity, genuineness as well as creditworthiness of creditor. - the allegation of the revenue that there is no formal agreement, repayment schedule cannot be the basis for treating the credit of loan as deemed income of the assessee u/s 68 - AT
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