Section 68 of the Income Tax Act 1961
This query is : Resolved
21 April 2009
I have no cash credit account. But eventually I have wrongly shown cash credit account in the liabilities side of my balance sheet. The said cash credit account has been carrying forwarded since last 10 years. The said cash credit balance would be positive balance of such bank accounts.
The case was selected for scrutiny and accordingly the A.O. added back the same treating as undisclosed cash credit U/S 68. What is the remedy?
The case was selected for scrutiny and accordingly the A.O. added back the same treating as undisclosed cash credit U/S 68. What is the remedy?
21 April 2009
Try in appeal u/s 246A before the CIT(Appeals).
22 April 2009
items older than 6 years can not be questioned whereas your items is 10 yrs old.
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