section 68 , Income Tax

[satbir singh wahi]

the a.o. has added unsecured loans u/s 68 , as addresses of lenders was not given, though confirmed copy of account with PAN was filed .whether this action A.o.is correct. Whether one can appeal , as assessee has discharged onus by filing confirmation.And A.O. has not intiated action u/s 131.

Posts / Replies

[CA Rachit Agarwal]

PAN definitely gives the identity of the person.You should furnish the address of the persons from whom the unsecured loans are taken, so that AO can directly send the letters for the confirmation of the amount.

As per Section 68, your explanations should be satisfactory.

You can prefer appeal before CIT(A), pursuant to Section 246A, within 30 days of the receipt of the order.