Assessment u/s 68 - unexplained cash credit - Tribunal, as a ...

Income Tax

September 14, 2023

Assessment u/s 68 - unexplained cash credit - Tribunal, as a matter of fact, did not inquire into the financials of investor companies and, therefore, according to us, the test of creditworthiness was also not met in this case. Therefore, in our view, for the reasons given above, the transaction in issue failed to meet the test of creditworthiness and genuineness even if one were to accept that it fulfilled the test of identity. - Order of ITAT reversed - Additions confirmed - HC

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Assessment u/s 68 - unexplained cash credit - Tribunal, as a ...

Income Tax

September 14, 2023

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