11 results for “section 68”+ Undisclosed Incomeclear
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In the result, the appeal of the assessee in ITA no
Bench: Shri Vijay Pal Rao & Shri Ramit Kocharassessment Year: 2013-14 M/S. Aakar Housing Assistant Commissioner Of Income Tax Developers Pvt. Ltd. V. Circle-2, B-21/62 , Kamachha, M.A. Road, Varanasi-221001, U.P. Varanasi, U.P. Pan:Aahca1616Q (Appellant) (Respondent)
undisclosed sources as is an unexplained cash credit in the assessee’s books of accounts which is hit by Section 68 of the 1961 Act. We are of the considered view that Section 68 of the Act creates a legal fiction which cast obligation on the assessee to explain to the satisfaction of the AO about nature and source