Where assessee has substantiated with evidence of credit entry same will not be covered under Sec 68
Last updated: 22 September 2022
Court :
Delhi High Court
Brief :
It is a well settled fact that unexplained credit or expenses will be considered as Cash Credits. Where assessee has corroborative and substantial proof of payment received and also have proof of credit worthiness of creditor then presumption of AO that receipt has not been properly explained will not subsist.
Citation :
ITA 989/2010
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FCS Deepak Pratap Singh
Published in Corporate Law
Views : 169
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