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SECTION 68 OF THE INCOME-TAX ACT, 1961 – CASH CREDIT

Illustrations : Where Assessing Officer disallowed interest paid by assessee to various loan creditors and treated amount of new loan taken by assessee during year as unexplained cash credit under section 68, assessee was granted permission to file additional evidence in support of its claim of identity of creditors and their creditworthiness as well as genuineness of transaction and case was restored to file of Assessing Officer for consideration of additional evidence to be filed by assessee – Om Shanti Realtors v. Income-tax Officer – [2024] 165 taxmann.com 679 (Mumbai – Trib.)

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