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Income Tax - Highlights / Catch Notes

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Addition u/s 68 - unexplained cash credit - since the requisite ...


High Court Upholds ITAT Decision: Deletion of Unexplained Cash Credit Addition u/s 68 Validated.

July 21, 2022

Case Laws     Income Tax     HC

Addition u/s 68 - unexplained cash credit - since the requisite material was furnished by assessee showing the identity and since the assessee was not beneficiary when the loan was repaid in the subsequent year, even the ingredients of creditworthiness and genuineness of transaction were well satisfied. - ITAT rightly deleted the additions - HC

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