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Income Tax - Highlights / Catch Notes

Home Highlights August 2023 Year 2023 This

Unexplained credit u/s 68 - Partially genuine - As per AO, an ...

Income Tax

August 23, 2023

Unexplained credit u/s 68 - Partially genuine - As per AO, an individual creditor is true up to 75% level and untrue up to 25% level, which is unheard practice because a purchase bill issued by creditor cannot be bogus for 25% and true for 75% level, particularly when books of accounts are not rejected and purchases made from the said creditor has not been treated as bogus. - Additions deleted - AT

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