25 March 2022
Sir, It assessee some shares transaction in f.y.2014-15. investment amount through on different cash loan un secured loans received from different persons. Question: Different cash loan amounts from different persons sec 68 provision applicable in it act.
26 March 2022
Yes, it's applicable. As per section 68, any sum found credited in the books of a taxpayer, for which he offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, may be charged to income-tax as the income of the taxpayer of that year.
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