https://www.taxtmi.com/forum/issue?id=113684 Whether amounts received from a sundry debtor may be treated as an unexplained cash credit depends on whether the taxpayer can satisfactorily explain the nature and source of the receipts; if the payment recorded as income or reduction of a debtor cannot be adequately explained to the satisfaction of the assessing officer, it may be treated as an unexplained cash credit irrespective of whether it appears in the balance sheet or profit and loss account, and the taxpayer bears the burden of providing contemporaneous evidence of genuineness. en-us Mon, 30 Apr 2018 17:47:38 +0530 Thu, 23 Jan 2025 15:55:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=113684 Whether amounts received from a sundry debtor may be treated as an unexplained cash credit depends on whether the taxpayer can satisfactorily explain the nature and source of the receipts; if the payment recorded as income or reduction of a debtor cannot be adequately explained to the satisfaction of the assessing officer, it may be treated as an unexplained cash credit irrespective of whether it appears in the balance sheet or profit and loss account, and the taxpayer bears the burden of providing contemporaneous evidence of genuineness. Discussion-Forum Income Tax Mon, 30 Apr 2018 17:47:38 +0530 https://www.taxtmi.com/forum/issue?id=113684