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Income Tax - Highlights / Catch Notes

Home Highlights October 2023 Year 2023 This

Unexplained unsecured loan u/s. 68 - AO inter-alia observed that ...

Case Laws     Income Tax

October 16, 2023

Unexplained unsecured loan u/s. 68 - AO inter-alia observed that the assessee has shown squared off unsecured loans allegedly received from an entity - bona fides of credits appearing in the books of assessee on the contours of s. 68 - the onus towards source in the hands of borrower in relation to repayment entries qua preexisting loans is indeed onerous and can seldom be visualized. - CIT(A) rightly deleted the additions - AT

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