Addition u/s 68 - Unexplained cash credit - It is well settled ...

Repayment Alone Doesn't Prove Cash Credit's Genuineness: Assessee Fails to Show Creditor's Identity and Creditworthiness u/s 68.

November 27, 2020

Case Laws Income Tax AT

Addition u/s 68 - Unexplained cash credit - It is well settled principle that the repayment of cash credit would not prove the genuineness of cash credit. It is the responsibility of the assessee to prove three main ingredients, viz., identity of the creditor, credit worthiness of creditor and genuineness of the transaction. In the instant case, the assessee has failed to prove the credit worthiness fully and also the genuineness of the transactions. - AT

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Addition u/s 68 - Unexplained cash credit - It is well settled ...

Repayment Alone Doesn't Prove Cash Credit's Genuineness: Assessee Fails to Show Creditor's Identity and Creditworthiness u/s 68.

November 27, 2020

Case Laws Income Tax AT

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