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Section 68 query

Tax queries 222 views 3 replies
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self employed
32 Points Posted on 25 March 2020

I company X has taken loan in AY 2010 - 11 from company A. Company X has repaid it in AY 2014 - 15. In AY 213-14 AO has passed order making addition of section 68. Can assese tell that loan has been repaid so AO cannot make addition.

Thanks in Advance

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On 25 March 2020 at 18:55 Report
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Guest
No, assessee has to prove genuiness of the transaction
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On 25 March 2020 at 20:36
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Employee
33 Points Posted on 26 March 2020
The loan was outstanding in A.Y 13-14 hence addition can be made by AO ...however repayment of loan subsequently is a positive factor u may get relief in appellate proceedings.
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On 26 March 2020 at 11:59
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self employed
32 Points Posted on 26 March 2020
@ JP Sharma Is there any case law available in which repayment has been done and benifit given to assesse
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On 26 March 2020 at 13:00


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