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Income Tax - Highlights / Catch Notes

Home Highlights January 2024 Year 2024 This

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

Income Tax

January 15, 2024

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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