Section 68 of Income Tax Act doesn't apply to BMPL and SSL loans; credits from earlier years not unexplained. https://www.taxtmi.com/highlights?id=62741 Addition u/s 68 - unexplained credits - The provisions of Section 68 of the Act are attracted in case of unexplained credits during the relevant previous year. Since the outstanding loan/liability pertaining to BMPL and pertaining to SSL represent credits of earlier years, provisions of Section 68 would not be attracted in the facts and circumstances of the present case. - AT en-us Sat, 02 Apr 2022 13:04:24 +0530 Sat, 02 Apr 2022 13:04:24 +0530 TaxTMI RSS Generator Section 68 of Income Tax Act doesn't apply to BMPL and SSL loans; credits from earlier years not unexplained. https://www.taxtmi.com/highlights?id=62741 Addition u/s 68 - unexplained credits - The provisions of Section 68 of the Act are attracted in case of unexplained credits during the relevant previous year. Since the outstanding loan/liability pertaining to BMPL and pertaining to SSL represent credits of earlier years, provisions of Section 68 would not be attracted in the facts and circumstances of the present case. - AT Highlights Income Tax Sat, 02 Apr 2022 13:04:24 +0530 https://www.taxtmi.com/highlights?id=62741