The tribunal noted that the AO erred in taxing the loan in the impugned year, as Section 68 applies only to credits in the current year, emphasizing that income must be taxed in the correct year
The Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) ruled in favor of the assessee, and struck down the taxation of a loan in the incorrect assessment year (AY) 2018-2019. Dhanaraja Babu Ganesh,appellant-assessee,filed his income tax return on March 31, 2019, declaring Rs.7,48,360 as income. The case was reopened under Section 148 of…
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