Unexplained cash credit - Profit from commodity trading on NMCE ...

Income Tax Case: A.O Reopens u/s 147, Profits Recharacterized as Unexplained Cash Credit u/s 68.

September 7, 2022

Case Laws Income Tax AT

Unexplained cash credit - Profit from commodity trading on NMCE - Though no infirmity either emerges as regards the assumption of jurisdiction by the A.O for reopening the case of the assessee u/s.147 of the Act or recharacterizing of the amount of the impugned profit claimed by the assessee to have been earned from commodity trading on NMCE platform as an unexplained cash credit u/s.68 of the Act, but the same would duly be entitled for set-off against the assessee’s claim of loss from commodity trading on MCX platform - AT

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Unexplained cash credit - Profit from commodity trading on NMCE ...

Income Tax Case: A.O Reopens u/s 147, Profits Recharacterized as Unexplained Cash Credit u/s 68.

September 7, 2022

Case Laws Income Tax AT

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