Sec 68

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Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2015 can any one explain cash credit is a income/expenditure to be charged to tax???

Amol S Joglekar

Amol S Joglekar (Expert)
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03 October 2015 section 68 : Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2015 can u pls explain me the sum found credit in the books of a/c's

Amol S Joglekar

Amol S Joglekar (Expert)
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04 October 2015 in one case, bank account had a deposit entry of INR10,25,000. The assessee could not explain where the money has come from...i.e. the source.

In yet another case, in the loan account of XYZ in the books of the assessee, a sum of INR 500,000 was credited. Assessee could not offer any explanation to this.

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