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

July 19, 2024 0Comments

Revision : Where assessee’s case was framed based on ledger account seized during search of another company which showed entries of unsecured loans, course of action was required to be taken under section 153C and not under section 147, and thus, subsequent revisionary proceedings invoked on ground that Assessing Officer failed to make necessary enquiries in reassessment proceedings with respect to ledger account seized were based on invalid order and were without jurisdiction – Jagjeet Singh v. DCIT ACIT – [2024] 164 taxmann.com 324 (Amritsar – Trib.)

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