Monday, October 21, 2019

Financial capacity of lenders needs to be proved as merely having entries in books of account won't make loan genuine

INCOME TAX : Merely because certain entries had been shown in books of account of accommodation entry provider, loan transaction could not be held to be genuine where entry provider had no financial capacity

from www.taxmann.com Latest Case Laws https://ift.tt/2MAeZQA
-
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

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...