Case law require
This query is : Resolved
09 January 2012
Dear all
i request to give case law for following appeal
. B wife of A , A working in Singapore,
and tds made for salary received by A in singapore, A is an NRI.
B is a wife of A received fund through NRE bank account which is taxed in singapore.
B started business out of amount in NRE account, and Showed in Balance sheet unsecured loan received form Husband.
now ITO passed order by adding back unsecured loan to Total income.
is it correct? if not i request to send me the case law.
Dear all
i request to give case law for following appeal
. B wife of A , A working in Singapore,
and tds made for salary received by A in singapore, A is an NRI.
B is a wife of A received fund through NRE bank account which is taxed in singapore.
B started business out of amount in NRE account, and Showed in Balance sheet unsecured loan received form Husband.
now ITO passed order by adding back unsecured loan to Total income.
is it correct? if not i request to send me the case law.
11 January 2012
It is not correct at all. As per section 68 of ITA if you can prove credit worthiness of lender, ITO cannot invoke sec 68
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