Assessee Company Meets Section 68 Obligations; No Additions on Unexplained Cash Credits Allowed Under Income Tax Act.

Assessee Company Meets Section 68 Obligations; No Additions on Unexplained Cash Credits Allowed Under Income Tax Act. https://www.taxtmi.com/highlights?id=69555 Unexplained cash credit u/s.68 - it could be safely concluded that assessee company had duly discharged its complete onus with regard to Section 68 of the Act. Hence, there could not be any addition u/s.68 of the Act even on merits on protective basis or on substantive basis. - AT en-us Wed, 03 May 2023 08:59:04 +0530 Wed, 03 May 2023 08:59:04 +0530 TaxTMI RSS Generator Assessee Company Meets Section 68 Obligations; No Additions on Unexplained Cash Credits Allowed Under Income Tax Act. https://www.taxtmi.com/highlights?id=69555 Unexplained cash credit u/s.68 - it could be safely concluded that assessee company had duly discharged its complete onus with regard to Section 68 of the Act. Hence, there could not be any addition u/s.68 of the Act even on merits on protective basis or on substantive basis. - AT Highlights Income Tax Wed, 03 May 2023 08:59:04 +0530 https://www.taxtmi.com/highlights?id=69555