02 December 2011
Respected sir, Shall if the particular debt is barred by law, i am heard that it can be deemed as income and consequently income tax can be claimed in that regard. Whether the above contend is true and if it is means under what provisions of income tax act it is taxed. under the section 68 of Income tax act,unexplained credit is taxed whether the provision would apply in respect of unpaid creditors.
CAclubindia
