13 September 2012
A person not filing Income tax returns claims that:-
He received cash loan from friends for five lacks two years back., and this money he claims that he gave as an interest free loan to a friend for business need.
1) Whether he has erred in not filing the IT return = which section.
3) So he has also not filed advance tax return.
3) Now whether the money received from unknown creditors will be treated as his income. which section.
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