https://www.taxtmi.com/highlights?id=70833 Addition of unsecured loan u/s 68 - interest free unsecured loan received from a close friend in Dubai to fund ongoing project with a condition that amount will be refunded once revenue is generated from the project - As the assessee discharged primary onus with regard to identity, genuineness as well as creditworthiness of creditor. - the allegation of the revenue that there is no formal agreement, repayment schedule cannot be the basis for treating the credit of loan as deemed income of the assessee u/s 68 - AT en-us Tue, 11 Jul 2023 10:58:35 +0530 Tue, 11 Jul 2023 13:13:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=70833 Addition of unsecured loan u/s 68 - interest free unsecured loan received from a close friend in Dubai to fund ongoing project with a condition that amount will be refunded once revenue is generated from the project - As the assessee discharged primary onus with regard to identity, genuineness as well as creditworthiness of creditor. - the allegation of the revenue that there is no formal agreement, repayment schedule cannot be the basis for treating the credit of loan as deemed income of the assessee u/s 68 - AT Highlights Income Tax Tue, 11 Jul 2023 10:58:35 +0530 https://www.taxtmi.com/highlights?id=70833