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Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans rejected, as loans were mere accommodation entries to introduce unaccounted money. Addition of interest on unexplained loans upheld. Tribunal confirmed additions made by Assessing Officer u/s 68 for unexplained cash credits and interest thereon.
Unsecured loans treated as unexplained cash credits u/s 68. Interest paid on such unexplained loans also added to income. Assessee's contention of repayment of loans rejected, as loans were mere accommodation entries to introduce unaccounted money. Addition of interest on unexplained loans upheld. Tribunal confirmed additions made by Assessing Officer u/s 68 for unexplained cash credits and interest thereon.
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