Liabilities owed to banks for unpresented cheques treated as bogus credits Addition Upheld
Cash Credit: Addition Upheld as Assessee Failed to Prove Bogus Bank Liabilities. Issue: Whether liabilities reflected in an assessee’s books of account, purportedly owed to banks but not supported by bank statements, can be treated as bogus credits and added to the assessee’s income under Section 68 of the Income-tax Act, 1961, when the assessee… Read More »