Cash credit
This query is : Resolved
05 June 2016
In case if loan is claimed to have taken long before (I.e. not in previous year) but creditworthiness is not proven, can it be added under section 68?
06 June 2016
Dear Sir,
Unsecured loan taken in earlier year cannot be added back under section 68 of the income tax Act, 1961.
Unsecured loan taken in earlier year cannot be added back under section 68 of the income tax Act, 1961.
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