Cash Credit Sec. 68
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 March 2010
Respected CIC Member
With respect to above subject i want to know example of Cash Credit ?
In the Act in (Sec.68 Cash Credit), it is specified that where any sum is found credited in the books of account of assessee and assessee offers no explanations about such then it shall be inculded in income.
(1) What is Cash Credit i.e. any income in cash or otherwise?
(2) credited in books of account whether income or capital credit?
With respect to above subject i want to know example of Cash Credit ?
In the Act in (Sec.68 Cash Credit), it is specified that where any sum is found credited in the books of account of assessee and assessee offers no explanations about such then it shall be inculded in income.
(1) What is Cash Credit i.e. any income in cash or otherwise?
(2) credited in books of account whether income or capital credit?
28 March 2010
The language of section 68 shows that it is general in nature and applies to all credit entries in whomsoever name they may stand, that is, whether in the name of the assessee or a third party.
Citation :- Gumani Ram Siri Ram v. CIT [1975] 98 ITR 337 (P&H).
Citation :- Gumani Ram Siri Ram v. CIT [1975] 98 ITR 337 (P&H).
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