Loan from Close Relatives & Friends cannot be treated as ‘Unexplained’ to invoke S. 68: ITAT [Read Order]

Loan - Close Relatives - Friends - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the loan taken from close relatives and friends cannot be treated as unexplained cash credit in order to attract section 68. A division of the Tribunal comprising Shri Mahavir Singh, Vice President, and Shri G. Manjunatha, Accountant Member, while deleting the addition, observed that…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹1199 + GST for 1 year

Subscribe Now

taxscan-loader