Unexplained cash credit in the bank account u/s 68 - Addition on ...

Section 68: Only 25% of Profit from Unexplained Cash Credits in Excess Sales to be Taxed to Avoid Revenue Leakage.

April 1, 2023

Case Laws Income Tax AT

Unexplained cash credit in the bank account u/s 68 - Addition on excess sales - there cannot be such abnormal jump in the sale all of sudden. - To avoid the possibility of revenue leakage instead of entire difference in sales the profit element should be taxed. Hence, we direct the assessing officer to treat 25% of profit on the excess sales identified by AO. - AT

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Unexplained cash credit in the bank account u/s 68 - Addition on ...

Section 68: Only 25% of Profit from Unexplained Cash Credits in Excess Sales to be Taxed to Avoid Revenue Leakage.

April 1, 2023

Case Laws Income Tax AT

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