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Section 68 Clarification: No Gain from Cash Credits via Third-Party Accounts and Cheques Against Debts.

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Full Text of the Document

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....Cash Credit u/s 68 - The cash realized on making the cash sales was deposited into the bank accounts of other persons and cheques were received. Those cheques were credited against the debtors. In our view, the above said procedure would not give rise to any gain as assumed by the Ld CIT(A). - AT....

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