Addition u/s 68 - Cash loan and interest income earned on such ...

Section 68 Addition for Cash Loans Challenged Due to Lack of Unexplained Sources; Household Savings Considered.

January 15, 2024

Case Laws Income Tax AT

Addition u/s 68 - Cash loan and interest income earned on such cash loan unexplained - It is not understandable as how the cash loan are unexplained, when the AO has not indicated any source of cash accumulation as from undisclosed sources, thus, even otherwise extending of such cash loans out of accumulated cash balance (presumably out of cash saved by way not showing full household withdrawal) does not justify for addition u/s 68. - AT

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Addition u/s 68 - Cash loan and interest income earned on such ...

Section 68 Addition for Cash Loans Challenged Due to Lack of Unexplained Sources; Household Savings Considered.

January 15, 2024

Case Laws Income Tax AT

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