Failure to Prove Authenticity of Loan Transactions: ITAT holds Unsecured Loans as Unexplained Cash Credits u/s 68 of Income Tax Act

Loan Transactions - ITAT - Unsecured Loans - Unexplained Cash Credits - Income Tax Act - ITAT holds Unsecured Loans - taxscan

The Raipur bench of Income Tax Appellate Tribunal (ITAT) has recently upheld the decision of the lower authority held that unsecured loans are unexplained cash credits under Section 68 of Income Tax Act 1961,if failed to prove authenticity of loan transactions. Assesee Santosh Chopra, is engaged in the business of earning commission and brokerage on…

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