https://www.taxtmi.com/article/detailed?id=11249 The Finance Act, 2022 amended Section 68 to provide that the nature and source of any sum credited-whether loan, borrowing or other liability-will be treated as explained only if the source of funds is also explained in the hands of the creditor. This shifts the evidential burden onto the assessee to establish the creditor's identity, capacity and creditworthiness and to demonstrate the creditor's source of funds, subject to an exception for Venture Capital Funds and Venture Capital Companies registered with the securities regulator. en-us Mon, 27 Mar 2023 09:13:16 +0530 Mon, 27 Mar 2023 09:13:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=11249 The Finance Act, 2022 amended Section 68 to provide that the nature and source of any sum credited-whether loan, borrowing or other liability-will be treated as explained only if the source of funds is also explained in the hands of the creditor. This shifts the evidential burden onto the assessee to establish the creditor's identity, capacity and creditworthiness and to demonstrate the creditor's source of funds, subject to an exception for Venture Capital Funds and Venture Capital Companies registered with the securities regulator. Articles Income Tax Mon, 27 Mar 2023 09:13:16 +0530 https://www.taxtmi.com/article/detailed?id=11249