Income Tax - Highlights / Catch Notes

Addition u/s 68 - Bogus unsecured loan - The assessee no doubt ...

Assessee's Transactions Questioned: Insufficient Evidence to Prove Legitimacy of Unsecured Loans u/s 68.

May 24, 2022

Case Laws Income Tax AT

Addition u/s 68 - Bogus unsecured loan - The assessee no doubt has produced bank statement/confirmation of the entities from which the money found its place in the bank account of the assessee to be further used in its business but the genuineness of these transactions could not be proved as the assessee did not bring on record cogent evidences to substantiate the unsecured loans taken. Merely bringing confirmations and showing that the payments were made through banking channel is not sufficient. - AT

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Addition u/s 68 - Bogus unsecured loan - The assessee no doubt ...

Assessee's Transactions Questioned: Insufficient Evidence to Prove Legitimacy of Unsecured Loans u/s 68.

May 24, 2022

Case Laws Income Tax AT

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