Unexplained cash credits u/s 68 lead to income tax additions due to unsupported expenses and lack of TDS.

Unexplained cash credits u/s 68 lead to income tax additions due to unsupported expenses and lack of TDS. https://www.taxtmi.com/highlights?id=59450 Unexplained u/s.68 - un-explained cash credit addition - Huge amount withdrawn from bank - self made vouchers for expenses - AO observed that expenses were not supported by bills/vouchers and no TDS was made on such amounts - loose sheets found during survey proceedings - It appears that assessee’s failure in filing its cogent explanation only led the Assessing Officer to add the impugned sums in all these assessment years. - Additions confirmed - AT en-us Tue, 31 Aug 2021 09:19:14 +0530 Tue, 31 Aug 2021 09:19:14 +0530 TaxTMI RSS Generator Unexplained cash credits u/s 68 lead to income tax additions due to unsupported expenses and lack of TDS. https://www.taxtmi.com/highlights?id=59450 Unexplained u/s.68 - un-explained cash credit addition - Huge amount withdrawn from bank - self made vouchers for expenses - AO observed that expenses were not supported by bills/vouchers and no TDS was made on such amounts - loose sheets found during survey proceedings - It appears that assessee’s failure in filing its cogent explanation only led the Assessing Officer to add the impugned sums in all these assessment years. - Additions confirmed - AT Highlights Income Tax Tue, 31 Aug 2021 09:19:14 +0530 https://www.taxtmi.com/highlights?id=59450