Section 68 of income tax act
This query is : Resolved
03 December 2011
Respected sir,
whether the provisions of section 68 of I-T Act would apply in relation to creditors whose details not available with certain.
whether the provisions of section 68 of I-T Act would apply in relation to creditors whose details not available with certain.
CA PARAS BAFNA
(Expert)
04 December 2011
Generally in case of creditors, if these are related with Purchases or Expenses, of the relevant year expenditure is disallowed.
In case, where the amount is not supported by such expenditure items it can be treated as Cash Credit and provisions of Section 68 can be applied.
In case, where the amount is not supported by such expenditure items it can be treated as Cash Credit and provisions of Section 68 can be applied.
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