Unexplained cash credits u/s 68 - huge amount of cash deposited ...

Section 68: Unexplained Cash Credits in Construction Business Deemed Undisclosed Income, Only Net Profit Taxable.

April 7, 2020

Case Laws Income Tax AT

Unexplained cash credits u/s 68 - huge amount of cash deposited and withdrawal from bank - once the Revenue has not disputed that the assessee is engaged in construction business and no independent source of such cash receipts has been determined, the nature of such cash receipts can reasonably be treated as undisclosed business receipts and only net profit arising thereon can be brought to tax. - AT

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Unexplained cash credits u/s 68 - huge amount of cash deposited ...

Section 68: Unexplained Cash Credits in Construction Business Deemed Undisclosed Income, Only Net Profit Taxable.

April 7, 2020

Case Laws Income Tax AT

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