Wednesday, July 24, 2019

No sec. 68 additions if creditors duly produced material to show their source of income for making advance

INCOME TAX: Where assessee firm on being asked to explain certain credits in its books of account, pointed out three partners (creditors) who had advanced loans and said creditors had produced credible material to show their source of income for specific advances made to firm, additions made under section 68 had rightly been deleted by Tribunal

from www.taxmann.com Latest Case Laws https://ift.tt/2Oc3ZMe

No comments:

Post a Comment

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...