Section 68 of ITA, 1961 : Section 68: Cash Credits
ITA, 1961
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Explanation using Example
Imagine that during a tax audit, an assessing officer discovers a credit entry of Rs. 5,00,000 in the ledger of XYZ Pvt. Ltd. for the financial year 2020-2021. The company claims this amount to be share application money received from an investor. However, upon questioning, XYZ Pvt. Ltd. fails to provide a satisfactory explanation about the source of the funds or the identity of the investor.
In this scenario, under ...
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