Unexplained cash credit u/s 68 - onus to prove source of cash - ...

Income Tax

April 13, 2024

Unexplained cash credit u/s 68 - onus to prove source of cash - The Tribunal found that the assessee's business model of currency exchange was genuine, supported by evidence from previous assessments, cash book entries, and balance sheet figures. Therefore, the addition on cash deposits was deleted. Additionally, the challenge to the validity of jurisdiction became irrelevant after the Tribunal granted relief to the assessee on merits.

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Unexplained cash credit u/s 68 - onus to prove source of cash - ...

Income Tax

April 13, 2024

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