Sale Receipts already recorded as Income or Loss at time of Sale is Unexplained Cash Credit u/s 68 of Income Tax Act: ITAT [Read Order]

Sale receipts already recorded as income or loss at time of sale was unexplained cash credit under Section 68 of Income Tax Act 1961. ITAT, rules

By Aiswarya Krishnadas - On January 16, 2024 8:00 pm - 2 mins read

Sale Receipts - recorded - Income or Loss - Unexplained Cash Credit- Income Tax Act - ITAT - TAXSCAN

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) observed that the Sale receipts already recorded as income or loss at time of sale was unexplained cash credit under Section 68 of Income Tax Act 1961. The Assessee, engaged in real estate and infrastructure development, declared a short-term capital loss of Rs.1, 75,000 for…

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