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Income Tax - Highlights / Catch Notes

Home Highlights September 2023 Year 2023 This

Addition u/s 68 - allegation that assessee had taken bogus loans ...

Income Tax

September 6, 2023

Addition u/s 68 - allegation that assessee had taken bogus loans from individuals who were engaged in cheque discounting activities - if the transaction is through regular banking channels and creditor has confirmed the transactions, such transactions are genuine and therefore, addition made by the assessing officer are not sustainable. - HC

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