Repayment of unsecured loans prior to assessment completion proves genuineness, rendering Section 68 addition and interest disallowance unsustainable.
Repayment of unsecured loans prior to assessment completion proves genuineness, rendering Section 68 addition and interest disallowance unsustainable. Issue Whether an addition under Section 68 toward unexplained cash credits and consequential interest disallowance can be sustained when the unsecured loans received from lenders were fully repaid prior to the completion of the assessment. Facts Assessee,… Read More »