Assessment of trust - addition being loans from three parties - ...

Trust Assessment: A.O. Wrongly Rejects Explanation Due to Common Director, Lacks Evidence u/s 68.

March 6, 2021

Case Laws Income Tax AT

Assessment of trust - addition being loans from three parties - It is well settled Law that assessee need not to prove source of the source. A.O. entirely on different reasons that there is a common Director in 03 companies and common address disbelieved the explanation of assessee. It may not be relevant criteria to decide the issue under section 68 - A.O. has not brought any evidence against the assessee on record to disbelieve the documentary evidences. - AT

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Assessment of trust - addition being loans from three parties - ...

Trust Assessment: A.O. Wrongly Rejects Explanation Due to Common Director, Lacks Evidence u/s 68.

March 6, 2021

Case Laws Income Tax AT

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