Addition u/s 68 - unsecured loans - addition only on the basis ...

Assessing Officer Fails to Disprove Assessee's Claims u/s 68 on Unsecured Loans; Burden of Proof Met.

July 20, 2022

Case Laws Income Tax AT

Addition u/s 68 - unsecured loans - addition only on the basis of the information received from the Investigation Wing ignoring - the investing company has sufficient source to explain the investment made to the assessee company. From the above what is clear is that the assessee has discharged the onus cast upon her as per the provisions of section 68 of the Act by filing necessary evidences. Therefore, once it is proved that the assessee has discharged her onus, then the onus shift to the Assessing Officer to prove otherwise. - AT

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Addition u/s 68 - unsecured loans - addition only on the basis ...

Assessing Officer Fails to Disprove Assessee's Claims u/s 68 on Unsecured Loans; Burden of Proof Met.

July 20, 2022

Case Laws Income Tax AT

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