Burden Shifts on AO to prove that cause Lacks Bonafide when Taxpayer shows reasonable cause for accepting Cash Loan: ITAT
The burden shifts on AO to prove that cause Lacks bonafide when taxpayer shows reasonable cause for accepting cash loan, rules ITAT
By Kalyani B. Nair - On March 18, 2024 11:03 am - 2 mins read
The Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that the burden shifts on the Assessing Officer ( AO ) to prove that cause lacks bonafide when taxpayer shows reasonable cause for accepting cash loan. Since the assessee has accepted cash for the consideration of the sale of immovable property and…
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