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Income Tax - Highlights / Catch Notes

Home Highlights September 2023 Year 2023 This

Additions towards unexplained liability as loan taken from ...

Income Tax

September 27, 2023

Additions towards unexplained liability as loan taken from Reliance Capital Ltd. - The loan from Reliance Capital was taken against property belonging to the party other than the assessee company but that does not make the transaction tainted. - the increase in outstanding balance of short term borrowings was merely due to reclassification of part of loan from long term liability to short term liability. - No additions - AT

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