Unexplained cash credits u/s. 68 - taxability u/s. 115BBE - once ...

Section 68 Cash Credits Linked to Business Not Taxable u/s 115BBE; Taxed as Business Income Instead.

September 15, 2023

Case Laws Income Tax AT

Unexplained cash credits u/s. 68 - taxability u/s. 115BBE - once the nature and source of credit found in the books of accounts of the assessee is linked to business, then any income generated out of such business activity is assessable under the head income from business and profession alone, but not under the provisions of section 68 of the Act. - Taxable under normal rate of tax applicable to firms. - AT

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Unexplained cash credits u/s. 68 - taxability u/s. 115BBE - once ...

Section 68 Cash Credits Linked to Business Not Taxable u/s 115BBE; Taxed as Business Income Instead.

September 15, 2023

Case Laws Income Tax AT

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